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An analysis by THE CITY shows that long-ago luxury real estate deals from Hudson Yards to Times Square are costing dearly in reduced city tax collections. Now City Hall is rolling out still more tax relief, with little transparency.
Real Estate Expert Richard Stockton with Ashford, Inc., says even the hybrid model cuts down on needed office space.He says groups are already planning to repurpose office buildings into retail, hotel and condo space. But Stockton says the housing market is different.
Forget the "death of downtowns" or an "urban doom loop," big cities like New York City and San Francisco are about to experience a renaissance.