Bloomberg on Office Development in Troubled Times

The above clip, shot by The Observer's Azi Paybarah, shows Mayor Bloomberg yesterday answering questions about commercial development in a post-Lehman world.

"Keep in mind," the mayor said, "big developers look for downturns to start projects because that's when your cost of construction should decline, that's when you can get steel and cement delivered on time, that's when you can find labor; and then those buildings will come on stream when the cycle starts going up. You can't build at the top."