The governor of New York is expected to sign into law a recently passed bill authorizing several new land banks, which experts say could mean many new opportunities for developers in areas of the state hit hardest by the economic downturn.
New York's attorney general has dedicated $33 million to funding this initiative, but developers will also need significant incentives to move into these areas. Real Estate Finance Partner Kathleen Furey said cities can't do this alone.
“The challenge is that the developers need incentives to go into those cities," Ms. Furey said.
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