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Looking Ahead to Bubble '10

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Steve Spinola, president of the Real Estate Board of New York, says everything is fine: "Spinola said the condo market might have more supply problems because builders, rushing to meet a June 30 tax abatement deadline, filed for about 17,000 new construction permits, he said. 'In two and a half years when these projects are done and open, will the market be back to buy them?,' Spinola said. 'I think the answer is yes.'" [BusinessWeek]