 After 1913, however, the property market in New York entered a recession, and vacancy levels in buildings began to rise.The campaign for change was helped by the construction of the Equitable Building in 1915 at the estimated cost of $29 million ($10.9 billion in 2010 terms), which rapidly became infamous as its vast height and bulk blocked views cast neighbours into permanent shade.The real estate industry finally ceased its objections to new legislation, and the 1916 Zoning Resolution was passed.