This was pointed out to me yesterday by a friend who worked for NYS for decades.
The post-pandemic ity is now glutted with excess office space, while City Hall gives the green light to ever more gargantuan office projects, like whatever that thing is that is rising on lower Park Avenue. They are driving the real estate market toward a precipice.
There may be a perverse incentive for developers and landlords to gin up a collapse so as to pay even less taxes than they do now. But NYC, of course is left holding the bag, as tax revenues plummet.
The current roster of NYC politicians will go down in history as probably the most feckless and corrupt of the post-Tammany Hall era.