Risks of soft equity when markets seize up: Part 1, the neatness of Section 421-a
You wouldn’t think that delays in financing a downtown luxury tower would stop in its tracks an affordable property in the Bronx, but such is the nature of sophisticated financial ecosystems that everything can influence everything else. [As my friend Shekar Narasimhan has pointed out, when Lehman went under, it filed bankruptcy in 56 countries, [...]
