To accommodate the employees of Alibaba, Netease and Geely, three leading Chinese companies that are already headquartered there, developers are racing to build high-end apartments and condominiums like the Hyatt luxury residences.
As you might expect, high end New York City apartments in condominiums and co-ops are largely purchased by Wall Streeters or foreigners seeking a safer haven for their cash than the banks in their own countries provide.
The campaign was aimed primarily at the high end of the real-estate market by making it much more difficult to speculate in real estate by buying multiple apartments.