This week, the New York Times officially declared the end of the New York City real estate boom. Charles Bagli wrote, “It is hard to say exactly what the long-term impact will be, but real estate experts, economists and city and state officials say it is likely there will be far fewer new construction projects in the future, as well as tens of thousands of layoffs on Wall Street, fewer construction jobs and a huge loss of tax revenue for both the state and the city.”

In another article, the Times reported on how the drying up of credit is affecting municipal bond markets nationally: “Analysts said the dysfunction in the municipal bond markets appeared to signal the end of an era of relatively cheap money for governments and, probably, the start of an era of tough choices for communities.”

The other issue on everyone’s mind: term limits. The bill to extend them for local elected officials is expected to be introduced to City Council on Tuesday.

Finally, check out the Iron Triangle Tracker, a blog about the ongoing controversy over the redevelopment of Willets Point.

End of the real estate boom? What of all those condos in Williamsburg? Photo via Curbed.

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