Saturday, October 04, 2008

Who Benefits From A Bloomberg Third Term

With a fresh poll that shows a slight majority in favor of a third term for the current Mayor, I believe that we haven't been able to get the message out about what is going on here. Within a year's time, New Yorkers are going to know what Bloomberg is up to here. He claims he knows his finance and can guide the city through these rough fiscal times, but who exactly is he taking by the hand now and through 2013 if he is re-elected?

From The Real Deal:

Many in the New York real estate community are in favor of Mayor Michael Bloomberg serving a third term as mayor. Developers, landlords, investors and brokers like Bloomberg because he's been a pro-business, pro-real estate mayor, and want a businessman in charge of the city during the Wall Street crisis. Developer Alex Sapir said, "Let's keep him forever"; Howard Lorber, chairman of Prudential Douglas Elliman, said, "I can't think of anyone who's done more for New York … in my lifetime"; and Donald Trump said, "Any time I see Michael I say, please run."
These are the people that want Bloomberg to stay another term and when that term is up maybe they'll extend the law for another four years. Who really knows? This is a slippery slope if I've ever seen one. Everyone except for regular New Yorkers wins here. The Council will now be able to qualify for generous pensions if they stay more than ten years in office, the Mayor holds onto his power and the wealthiest among us get a guy who is more than willing to bend the city over and allow the Ellimans, Tishman Speyers and Trumps to recreate Manhattan and the surrounding buroughs as they see fit.

Meanwhile, those of us who have lived and worked here for years or decades slowly get pushed out by rising rents and real estate prices. Sure, the numbers are down right now for apartments around the city but that downturn won't last long, especially in Manhattan. In a year or two, when prices rebound the developers and real estate tycoons will be reaping more profits while the rest of us just try to hang onto a place in the city, though many have already folded and moved out to PA.

So if you want to be chased out of your city by rising costs, then a vote for Bloomberg and term limit extensions is one for you.