Spaces for Play: The Impacts of Entertainment Development on New York City

Susan S. Fainstein and Robert James Stokes
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Susan S. Fainstein: Rutgers University
Robert James Stokes: Temple University

Economic Development Quarterly, 1998, vol. 12, issue 2, 150-165

Abstract: The economies of many American cities have shown signs of recovery after the deindustrialization of the preceding two decades. Tourism has been one of the principal components of inner-city economic growth. Although building facilities for tourists represents a gamble for urban leaders, numerous examples of success exist. New York City possesses a sizable competitive advantage in the tourism sector The authors examine New York's tourism market. Case studies are presented of three tourist-based developments: the Jacob Javits Convention Center; the 42nd Street entertainment district, and a proposed stadium plan for the Yankees. These cases are typical of the type of tourist-based developments currently being pursued by many U.S. cities. It is concluded that tourism facilities are promising investments; this is tempered by considerations relating to the high levels of public subsidy demanded for projects-like the proposed Yankee Stadium development-that do not offer a sufficient return on public subsidy.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ecdequ:v:12:y:1998:i:2:p:150-165

DOI: 10.1177/089124249801200204

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