Until a vaccine can prevent the spread of Covid-19, New York City risks losing residents and tax revenue, creating a “vicious cycle” that could hobble the city, according to Barry Sternlicht. The Starwood Capital Group CEO said in an interview on Bloomberg that once people and capital leave, it will be hard to get them back because of New York City’s relatively high taxes, rent law and support for unions. “If they raise taxes, more
source https://therealdeal.com/2020/06/29/barry-sternlicht-predicts-tipping-point-for-nyc/
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