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.
Related Stories
Codes and Standards | Oct 27, 2021
Texas reforms series of contractor laws
Measures seen as making it easier to do business in the state.
Codes and Standards | Oct 26, 2021
Drownings during Hurricane Ida point out FEMA flood map flaws
Eleven people drowned in New York City in areas marked as low risk.
Codes and Standards | Oct 26, 2021
Dept. of Energy’s REScheck tool updated for the 2021 International Energy Conservation Code
Previous version incorporated 2018 code.
Codes and Standards | Oct 20, 2021
New York City passes overhaul of construction codes
Over 600 major changes along with thousands of smaller updates slated for 2022.
Codes and Standards | Oct 20, 2021
One-quarter of U.S. critical infrastructure at risk of failure due to flooding
Police and fire stations, hospitals, airports, and wastewater treatment facilities face threat.
Codes and Standards | Oct 19, 2021
Pittsburgh enacts first-in-the-nation “Dark Sky Lighting” law
Applies to all city parks, facilities, and streetlights.
Codes and Standards | Oct 15, 2021
New Calif. law mandates use of lead-free plumbing fixtures
Must meet NSF/ANSI/CAN 61-2020 in 2023.
Codes and Standards | Oct 14, 2021
Building industry leaders urge governments to boost emissions reductions targets
Scores of large AEC firms and organizations sign letter to UN’s COP 26 group.
Codes and Standards | Oct 13, 2021
FEMA’s new flood insurance plan will sharply raise insurance costs for seaside properties
Risk Rating 2.0 will have more accurate assessment of flood risk.
Codes and Standards | Oct 12, 2021
Three new laws expected to spur more affordable housing in California
Trio of measures could aid carbon reduction in built environment.