The following article is an excerpt of a longer article that appeared on the i3 website in June (https://irei.com/news/commentary-invest-gov-cuomos-infrastructure-plan-2/)

In today’s turbulent global markets, institutional investors are sitting on the sidelines. Fund managers are wary of making long-term commitments to business enterprises, which may not survive the year. The public health and political risks inherent in the COVID-19 era have produced such market uncertainty that mitigating today’s risks seems insurmountable.

The longer institutional investors remain on the sidelines, the deeper the global crisis will become. At the same time, a deepening crisis will only aggravate the short-term political risks in the market. The difference between a global recession and a great depression lies in how quickly we loosen this Gordian knot.

Without great public visibility, New York Gov. Andrew Cuomo has cut this knot and is leading us out of