The kind of foreign investment that many world cities are attracting right now is EXACTLY NOT the kind of investment that NYC should attract. Corporate HQ? Good. Immigrants starting small businesses? Brilliant. Immigrants buying property to live in or rent out? Awesome.
Rich Saudis or Chinese buying property that sits vacant and is not used? That’s unproductive investment, pure and simple. Doesn’t add anything to the city, but pushes up prices and creates blight.
That’s the kind of investment that should be kept out of NYC. So far, the combination of strict co-op boards, a perception that NYC is less posh, and pesky US laws have succeeded in keeping this in check. I’m fine with that.
