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February 2, 2011

'Not Your Cleaning Lady's Green Card Program:' $500K Visas Finance U.S. Construction

NY Observer
by Laura Kusisto

Desparate times in the construction industry call for desperate measures. Like letting foreigners basically buy green cards, for example.

The new-old program came to light this fall, when it turned out that Atlantic Yards developer Forest City Ratner was using the program to help finance its Brooklyn project. But even Forest City VP MaryAnne Gilmarten Gilmartin seems a little queasy about the program.

"As citizen Gilmarten Gilmartin, I'm not sure how I feel about it," Ms. Gilmarten Gilmartin said at a New York Commerical Real Estate Women event attended by The Observer a couple of months back. But she continued that with conventional financing channels frozen, the project might otherwise never get built. "This is not your cleaning lady's green card program," she said.


NoLandGrab: Not your what? We don't even know where to begin with how wrong this whole quote is, but the bottom line appears to be this: all's fair when it comes to Bruce Ratner's profit.

And believe it or not, some of us don't even have cleaning ladies.

Posted by eric at February 2, 2011 8:58 PM