Time for Real Estate to Help the Public
Jed Walentas and AJ Pires argue that we need to exploit the increased real estate value throughout the city to pay for public goods.
“As a society we don’t want our taxes to go up but we want government to pay for everything,” the head of development firm Two Trees said Wednesday at the Only Brooklyn conference hosted by TerraCRG. “That math doesn’t work over time, and the single thing that we’ve created in this city is massive, massive real estate values.”
“And I think as a culture we’ve got to figure out a way to utilize that growth in real estate dollar value to fund our public goods” such as transit, parks and schools, he added.
“In a couple of years Brooklyn’s population surpasses Chicago,” Pires said. But if you compare hotel, office and apartment supply between the two cities “there’s a massive gap,” he said.
– Konrad Putzier, The Real Deal
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