The real estate sector has always played a major role in the economy. It has now become a chief contributor of electoral funds too going by recent trends. According to an analysis by the New York Times, of the $30 million raised for the mayoral race since August 2012, almost $2.2 million came from the property industry of the city.
As the 2013 Mayoral elections of New York City edge closer, many potential candidates have received and raised large sums of cash from the real estate industry. This may seem a little ironical to many as the same politicians are known to run down the industry at every opportunity for turning the city into an urban jungle.
This condition is irking the public a little and the mayoral candidates are using this issue as a way to attract voters. They are apparently hoping to get into the public's good books to get to the top. Also, public financing has become a major factor in shaping the Mayoral race, reports The New Republic. According to a study conducted by the Brennan Center at the University, more people are participating in mayoral candidate contributions than three years ago.
In a feature in the New York Times, Elizabeth A. Harris, writes about the hypocrisy of Mayoral candidates. She explains how the candidates have amassed millions from the industry but publicly oppose any kind of contribution from the segment. She observes that while these candidates (mostly Democrats) 'shake a fist' at the industry in lecterns, they do not hesitate to receive a cheque from developers.
Why such bitterness towards the industry?
New York City, also dubbed a 'concrete jungle' is now crowded with buildings and condos. Every old building is being converted into a skyscraper and on every empty lot; a multi-family residential complex is springing up. A commenter at Yahoo Answers writes:
It's what they CALL New York because they paved over EVERYTHING and made it look like a concrete jungle, instead of a living part of earth. So it's BAD, haven't you ever seen shots of New York from the air? It looks like a cancer on the earth!!!
However, on the flip side, the real estate industry remains unmoved by the chaos. Perhaps they know that the city needs the sector, despite the brickbats. According to the NY Daily News, lobbyists, real estate giants and big donors have been writing checks to more than two candidates.
Yes, the real estate industry has taken over, big time! In fact, the City is now controlled by the sector. The segment's political affiliations are prominent and perhaps the most criticized too.
Critics say that these big donors don't focus on the city's growth but are more inclined towards those candidates that will favor their businesses later.
"This is about access. It's about whoever gets to be mayor, the industry has to have access," Susan Lerner of Common Cause said to the publication.
No matter who wins the election in November, the industry and its players are here to stay. And while the sector is being criticized, it shall remain one of the most significant growth boosters of the country.
The New York Mayoral Elections are slated to be held November 5. The primary elections are scheduled for September 10, 2013. If no candidate gets 40 percent votes, a face-off between the top two candidates will be held October 1.
See how much the Mayoral Candidates have raised and spent, here.
