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[–] Revodude1 0 points 2 points (+2|-0) ago  (edited ago)

What is not mentioned is that the reason he went through those difficult times is that the tax laws were changed. This hammered the big real estate industry and associated tax shelter industry. A lot of investment money flowed into the tax shelters that created the capital for the major players. Then it was all blown up without notice. Should have had a phase in period to keep the market from crashing. Trump doubled down near the bottom and came out strong.

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[–] USAMatters ago  (edited ago)

Not only was the change in tax law not announced, so developers were unable to plan for the change in the tax law - it was retroactive (I believe) several years back.

Now that I know as much about corruption as I do - I suspect the law was passed to destroy some of the larger developers.

Larry Silverstein, the owner of the buildings (not the land) of the World Trade Center - also had a very hard time of coming through the change in the tax law.