the (low) morals of the Real Estate Industrial Complex, politics division

the (non) Quote Of The Day
If there’s a word “antidote”, should there be a word “antiquote”? I feel as though we need that word today, in looking at this quote in last night’s piece, Espada, an ally of the real estate industry, mourned in defeat, from The Real Deal:

"Regardless of what you thought of Espada personally, his defeat was not good for the real estate industry,"

I have nothing personal against the guy who made that statement (we’ve never met, though I was disappointed when he cut off his pony tail). You do see him quoted a lot about Manhattan real estate, perhaps because he is a ‘good quote’: colorful, glib. But cute has its limits: I had to wash my hands after clicking through the TRD article.

My premise, obviously, is that I believe not-soon-enough-to-be-former-State-Senator Pedro Espada probably did the bad things he is accused of doing, and so is guilty of gross mis-use of his office (and probably of felonies). See, for example, this April 20 article from the Old Grey Lady about the Attorney General’s civil suit alleging that Espada wrongfully diverted $14mm from a non-profit he set up, whose board was controlled by his staffers and family associates. While these remain “allegations”, my sense is that the specific allegations about money being moved (or “diverted”) are likely to be true, and that any defense will rest on a claimed lack of personal knowledge, or careless book-keeping. No moral exculpation is likely.

My premise, obviously, is that I believe that unless someone is pretty convinced factually that Espada did not do these bad things, it is a shameful act to have voted for him. Worse, it is a shameful act to have donated money to him in the narrow belief that He Is Good For My Business, The Fate Of The State Be Damned.

As in, it is perfectly OK to have crooks in Albany, so long as those crooks keep my business interests in mind. It is important to note that this is not (in my opinion) a close question about Estrada. At a minimum, there is enough ‘smoke’ about him to suggest that anyone interested in Good Government would prefer a more-likely-to-be-honest senator to one with such smoke.

In other words, it is the height of cynicism to support this likely-crook because he helps you make money.

While the one guy who made the (Non) Quote Of The Day may have been less “circumspect” than other members of the Manhattan real estate industrial complex, the others are no less to be shamed for putting their money where our government dysfunction is:

Espada was clearly supported by New York’s development community. A look at state financial disclosure forms from recent months turns up names like Stellar Management, which donated $5,000; Brookfield Properties ($2,500); Jack Rudin ($2,500); and Greenberg Traurig, the real estate law firm ($1,750).

Yes, yes, I know I am “naive” and I “don’t know How Things Work”. Boo! Hiss!

© Sandy Mattingly 2010