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August 23, 2023

'We've Lost Individuals, We've Lost Dollars': How NIMBYism Is Stunting Long Island's Growth

Hear From PGIM, Cerberus, & 3650 REIT On Navigating The Challenging Debt Markets Sept. 14

Community opposition to new housing development is nothing new on Long Island, where the modern suburb was born, but the cumulative effect of anti-development sentiment on the Island has left it vulnerable economically as the generations shift and the perceived quality of life goes down.

“It's creating these conditions where housing is incredibly unaffordable on Long Island,” Steven Dubb, principal of The Beechwood Organization, said onstage at Bisnow’s 2023 Long Island State of the Market event. “So you've got a ton of people who live on Long Island who are struggling to make ends meet, struggling to afford to live here, who are angry.”

'We've Lost Individuals, We've Lost Dollars': How NIMBYism Is Stunting Long Island's Growth

Long Island, which is filled with single-family homes, found itself at the forefront of New York’s discussions over housing supply earlier this year. Long Island counties were a vocal part of the pushback that toppled Gov. Kathy Hochul’s housing agenda, which included mandating new housing developments in…

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Nightingale Properties, fending off foreclosure and scandal up and down the East Coast, is reportedly in default at yet another property in Manhattan.The company, which is under federal investigation for allegedly embezzling funds it raised in two failed crowdfunding deals, defaulted on the $30M loan…

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Goldman Sachs 'Reminding' Employees Of 5-Day In-Office Policy

The increased number of return-to-office mandates thus far hasn't spurred a noticeable rise in daily office usage, but big corporations like Goldman Sachs are now pushing for greater enforcement of their office policies.

The financial giant began requiring employees to come back in-person full time in May 2022. Now, the company is "cracking down" on those that aren't following the policy, Bloomberg reported Tuesday.

Goldman Sachs 'Reminding' Employees Of 5-Day In-Office Policy

Though revenue-producing employees have for the most part returned full time, the publication reports that senior managers are frustrated by the reluctance of other staff, “constituting a significant chunk of its workforce,” to come back.“Since we communicated our approach for returning to the office, we have continued to encourage employees…

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WeWork Assembles Team To Avoid Bankruptcy As NYSE Starts Delisting Process

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Hoping to avoid public bankruptcy proceedings, coworking giant WeWork is amassing a team of restructuring experts.The company brought on real estate adviser Hilco Global and tapped consultant Alvarez & Marsal and law firm Kirkland & Ellis to help address the company's massive…

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