Real estate pledges $10M for pro-development Council hopefuls

Real estate developers, property owners, investment firms, banks and insurance companies have pledged $10 million to a political action committee that will give to pro-development candidates for New York City Council, the New York Times reported.

The Real Estate Board of New York is spearheading the PAC, called Jobs for New York. Several unions that represent carpenters and other laborers also support the committee. The PAC intends to focus on Council members, who tend to have great sway over development in their districts. Ironically, however, the group will advocate for members to play a lesser role in supervising development.

It plans to back candidates from up to 25 Council districts who support “an agenda focused on creating good jobs, building affordable housing and improving the city’s economy,” according to a memo seen by the Times.

The money will go toward expenses for district-by-district polling, phone banks, direct mail, and television and radio advertisements to support candidates seen as being allied with the interests of business leaders and their supporters in labor, the report said. [NYT] –Mark Maurer