NYC Doubles Down on Life Sciences Investment: A Boon for Real Estate?

Governments on all levels -- from federal to local -- have long involved themselves in encouraging economic development, and the commitments can be broad and deep. A great example is life sciences and what's happening in New York City, which just announced it would add $500 million to a previous $500 million commitment for 10 years to LifeSci NYC, which launched in 2016 as the Big Apple's bid to attract more biotech and pharmaceutical companies. The additional half-billion will be used to fund start-ups and expansions expected to help create up to 40,000 new jobs while helping to advance the commercial research and development of new medicines, medical devices, diagnostics, materials, and research tools, according to the June 9 announcement from the NYC Economic Development Corporation.