Stephen Ross, the developer behind NYC's $25 billion Hudson Yards neighborhood, says a housing market slowdown 'has to happen' and that the city needs 'a lot of affordable housing'
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- Billionaire real-estate developer Stephen Ross believes the housing market "is probably in the eighth inning," he told Yahoo Finance on August 25.
- Ross is the chairman of Related Companies, which has invested in New York's Time Warner Center and Hudson Yards developments, and fitness brands Equinox and Soul Cycle, Business Insider previously reported.
- Ross drew widespread criticism in early August for hosting a fundraiser for President Trump's reelection campaign, Business Insider previously reported.
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A connection to President Trump isn't the only thing threatening the bottom line of the New York real estate developments owned by Stephen Ross, the billionaire himself told Yahoo Finance."I mean, I think real estate today is probably in the eighth inning, you know?" Ross said in an interview with Yahoo Finance that was published August 25.
Ross, 79, built a $7.7 billion fortune as a real-estate developer in New York, Business Insider previously reported. Ross' firm, Related Companies, is responsible for the City's Time Warner Center and Hudson Yards developments. Ross has also invested in the Miami Dolphins, feminine care line Lola, and upscale gym chain Equinox, which is the owner of Soul Cycle and Blink Fitness.Read more: In the 1940s, you could rent a Brooklyn apartment for $20 a month. Today, the median rent has skyrocketed to $3,000.
Several of those businesses found themselves in hot water with their customers in early August when media reports said that the billionaire planned to host a fundraiser for President Trump's reelection campaign. Equinox members and Soul Cycle riders threatened to boycott the brands over their connection to Ross, Business Insider's Kate Taylor reported.Ross subsequently released a statement about his relationship with Trump, saying that "while we agree on some issues, we strongly disagree on many others, and I have never been bashful about expressing my opinions," Business Insider previously reported."I always have been an active participant in the democratic process," Ross said in the statement. "While some prefer to sit outside of the process and criticize, I prefer to engage directly and support the things I deeply care about."
The developer behind 'billionaire playground' Hudson Yards calls for more affordable housing.
Ross's developments were a source of controversy in New York long before his support of the president was made public, however.
Hudson Yards, where apartments range from $4.3 million to upwards of $32 million in price, was criticized for being a "playground for billionaires," Business Insider previously reported. Hudson Yards is currently home to 107 affordable apartments with rents starting at $858 that will be leased through a lottery, according to Curbed.Ross did not immediately respond to a request for comment on his beliefs about the housing market from Business Insider.
Major real estate markets including New York, Miami, and Los Angeles are currently over-saturated with luxury properties, while affordable housing remains in short supply, Business Insider's Hillary Hoffower previously reported. Ross has suggested that government subsidies could be used to solve the problem.
"I think we need certainly, a lot of affordable housing and [need to figure] out ways we can provide for that," Ross told Yahoo Finance.
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