Risks of soft equity when markets seize up: Part 2, the messiness of market crunches
[Continued from yesterday's Part 1.]
In yesterday’s post, we got an education into New York City’s clever Section 421-a program, which combines inclusionary zoning with linkage (or did, until the 2007 reforms), creating a transferable certificate that could be sold, and was sold, as illustrated by an intra-developer litigation highlighted in The New York Observer, which [...]
