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Real Estate Politics Roundup

Real Estate Meets Politics:

  • The Federal Reserve approved a major shift in how it sets interest rates by dropping its longstanding practice of pre-emptively lifting them to head off higher inflation, a move likely to leave U.S. borrowing costs very low for a long time. (WSJ)
  • An appeals court Thursday sided with developers in a long-standing dispute about the construction of four towers in the Two Bridges neighborhood. The 4-0 decision rejected a challenge by the New York City Council and Manhattan Borough President Gale Brewer to the City Planning Commission’s approval in 2018 of an application to build the massive apartment towers. Department of City Planning staff had determined in 2016 that the developments were allowed. The development comprises three projects: JDS Development’s 247 Cherry Street; L+M Development and CIM Group’s 260 South Street; and Starrett Corporation’s 259 Clinton Street. (TRD)

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