Monday, June 27, 2011

Corrosive nature of real estate money on state politics


Read this blistering report by Common Cause about the role of real estate money in New York state politics.


In the debate over revising and renewing rent regulations and the 421a subsidy for New York City in the State capitol, the public is correct to ask what impact large campaign contributions made by powerful real estate interests have on that debate. A review by CC/NY of the most powerful New York City real estate interests’ campaign contributions reveals almost $10 million ($9,656,372.64) spent on campaign contributions in 2009 and 2010 on state and local elections by the individuals and organizations included on the NY Observer’s annual “Power 100 in Real Estate” list, as well as all Officers of the Real Estate Board of New York (REBNY) not included in the list (for the full list click here). This represents a huge increase from the roughly $5.4 million that the same interests spent in 2007-2008.