New York City runs on the services, infrastructure, transit, and jobs that millions of New Yorkers rely on every day. But behind much of that is a source of support that often goes unseen: real estate.

REBNY’s new Invisible Engine report shows how real estate helps power the City’s financial health and everyday quality of life.

In this episode, Zach Steinberg, REBNY’s Executive Vice President for External Relations and Advocacy, breaks down why real estate is a foundation for economic stability.

Listen now to learn what really funds New York City, why real estate remains its “invisible engine,” and what is at risk if the City makes it harder to build, own, and invest.

*Note: This episode was recorded on May 5, 2026. New York City budget figures are subject to change.