New York City developers are cozzying up to State Senate Minority Leader Malcolm Smith, a Queens Democrat, Crain’s reports. The developers, long friendly with Republican Majority Leader Joseph Bruno, are hedging their bets on Mr. Smith, who would control the Senate should Democrats reclaim the majority.
In March, a dozen leaders of the Real Estate Board of New York met with Senator Smith to talk about tax-exempt financing for rental buildings and the newly rejiggered 421-a tax abatement program for new developments.
“He was somewhat supportive of the issues,” REBNY president Steven Spinola told Crain’s.
– Tom Acitelli