"But the truth is that there have been surprisingly few career fatalities among New York developers, even though they have lost billions of investor dollars on overpriced real estate and have littered the city with unfinished apartment buildings. While a homeowner who lost a house to foreclosure would find it difficult to borrow for years, developers who defaulted on enormous loans have still been able to attract money.
The reasons, experts say, are that there is still plenty of money floating around and that the market has a very short memory."
Saturday, January 1, 2011
For Real Estate Developers, Failures Hardly an Obstacle - NYTimes.com
This reminds me of nothing so much as a huge game of monopoly
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