Construction firms received approvals for 114,838 loans totaling $34 billion from the Paycheck Protection Program so far.
The question for developers now is how many of those units will actually come online and how quickly new units will be filled.
Real estate stocks have taken a hit as investors fear people will flee cities for more spacious suburbs.
The outlook for construction and development has been thrown into deep uncertainty by the COVID-19 pandemic.
Before the crisis, lenders originated roughly $8 billion in loans on New York construction projects.
Resilience is not merely applying risk reduction and preparedness at a given site; but includes considering shared risks and resources across interconnected systems.
With offices and restaurants closed, construction projects in the city are still going ahead.
The city’s voters passed Proposition E, which ties new office projects to affordable housing goals, on Tuesday.
Developers are adding amenities like fitness centers and restaurant spaces in attempts to lure tenants.
Brownfield redevelopers need tenacity, patience and a strong balance sheet.
