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May 12, 2011
New York Campaign Contributions from Big Banks & Real Estate Developers Hit New Highs in 2010
$3.9 Million in Contributions to New York State and City Candidates
New York Stimulus Alliance via readMedia
As the On May 12 coalition prepares to challenge the logic behind Mayor Bloomberg's proposed budget with a teach-in and rally tomorrow, one of the questions that Common Cause/NY members asks is why are New York State and City leaders refusing to balance spending cuts with reductions in generous subsidies for big banks and real estate developers? Part of the reason may be because New York politicians are increasingly dependent on them for campaign contributions.
...Twelve major residential real estate developers -- The Donald Zucker Company, Durst Fetner Residential, Extell Development Company, Forest City Ratner, Jack Resnick & Sons, Milstein Properties, Rose Associates, Rudin Management Company, The Brodsky Organization, The Related Companies, Tishman Speyer Properties, and Two Trees Management – and the Real Estate Board of New York made over $3 million in New York campaign contributions in 2010. This figure is triple the amount of contributions made in 2009 and almost double the amount of contributions made in 2008. Crucial policies up for renewal in Albany this year, such as rent control and the extension of the 421a subsidy, are likely fueling the record spending.
Posted by eric at May 12, 2011 10:40 AM