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July 23, 2008
Real Estate Sits Out '08 Race—For Now
NY Observer
by Dana Rubinstein
[P]erhaps what’s most striking about the real estate industry’s behavior in 2008 is its utter lack of political activity. In marked contrast to 2007, when New Yorkers had two hometown heroes running for the nation’s highest office, donations have dried up.
There are a few exceptions—the organic-farming landlord Douglas Durst recently donated $1,000 to Obama; dynasties the LeFraks and the Trumps have this year shown consistent support for McCain (both families declined to comment). But they’re outweighed by the silent majority of 2008, which has sat on the sidelines, its closed wallet planted firmly underneath its ambivalent behind, donating nary a penny to either the Obama or the McCain camp.
That majority includes SL Green’s chairman, Stephen Green; the Olnick family; Related’s chairman and CEO, Stephen Ross, and president, Jeff Blau; Jack and William Rudin; Tishman Speyer’s Jerry and Rob Speyer and Robert Tishman; Brookfield Properties’ president and CEO, Ric Clark; Boston Properties’ CEO and director, Edward Linde; Extell Development’s president, Gary Barnett; Harry and Billy Macklowe; Larry Silverstein; Bruce Ratner; Sheldon Solow; and, aside from one bizarre $2,300 donation to Mike Huckabee in January, Arthur and William Zeckendorf.
That may soon change. The Obama campaign is making a serious effort to reach out to the industry.
NoLandGrab: Atlantic Yards watchers know that when searching for campaign donations from Bruce Ratner, the key is to check for contributions from Bruce's brother Michael, sister-in-law Karen Ranucci, and other relatives.
As for Barack Obama's reaching out to the real estate industry, that doesn't exactly add up to "change we can believe in." The industry might be slow to open its collective wallet, however, since the Democratic Presidential candidate is on record as opposing the Supreme Court's decision in Kelo vs. New London.
Posted by eric at July 23, 2008 4:15 PM