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I would think it is the lack of a committed tenant(s) to lease at least half the building, not the unions. No bank is going to finance a high-rise office building in Buffalo (or just about anywhere) without tenants in place. They learned their lesson in the S&L crisis of the 1980's.
In the 1980's the Savings and Loan banks went on a commerical lending frenzy. So you would have five or six high-rise buildings being constructed in a place like downtown Dallas, even though no tenants had commited to lease any space. Often the banks provided 100% financing.
So the buildings went up, the developers could not find any tenants and defaulted on the loans, the properties were sold for 25 cents on the dollar, and the banks went belly-up.
Essentially, it was the commercial version of our current subprime mortgage crisis.
Rubygreta - you forgot to add that the U.S. taxpayer picked up the tab (once again)
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