 Straus, behind many successful developments, defaulted on the $214 million ($47 billion) in bonds held by 60,000 investors; the Van Swerigan developer brothers went bankrupt.Vacancy rates began to increase as the recession bit, increasing from only one percent in central New York in early 1920 to 17 percent in 1931 and 25 percent by 1934.In the face of the recession, some skyscrapers projects were canceled or scaled back.