Hochul is an idiot.
This ruling kills NYC real estate. Instead of market deciding what YOU can ask to sell, the gov’mt can now decide. Try to sell your $1M condo and anybody can go get a judge to issue a finding, without a trial, that the property is only worth $100k.
So, the seller must accept and then the buyer cuts a check for the judge.
NYC taxes tank, so more Fed $$ needed — BeijingBiden will supply.
Real estate prices fluctuate wildly. During the GFC, Florida condo prices crashed by two thirds. It took a bunch of years to get prices back to pre crash levels. Commercial real estate is getting hammered right now, especially so in lawless jurisdictions..