Corruption is common in the New York City construction market, according to a report in The Real Deal.
The real estate industry publication says the city’s $45.3 billion construction market suffers from a lack of oversight. So, some property managers, suppliers, and subcontractors are able to inflate line items or overbill because nobody is likely to spot these practices.
The sheer size of the market makes it easier to hide from oversight, the publication says. Small contractors and property management companies often don't have the financial resources to closely monitor the situation or implement tough compliance programs.
Large contractors often write off costs associated with corrupt practices as a business expense. The industry’s project management practices are mostly unregulated, and there is resistance to self-policing.
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| Aug 11, 2010
Best AEC Firms of 2011/12
Later this year, we will launch Best AEC Firms 2012. We’re looking for firms that create truly positive workplaces for their AEC professionals and support staff. Keep an eye on this page for entry information. +
