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The Myth of Self-Financing: The Trade-Offs Behind the Hudson Yards Redevelopment Project

Bridget Fisher
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Bridget Fisher: Schwartz Center for Economic Policy Analysis (SCEPA), http://www.economicpolicyresearch.org

No 2015-04, SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: In 2005, after three years of debate and public review, Mayor Bloomberg and the New York City Council finalized a deal to finance an expansion of the Manhattan's central business district from Midtown to the Hudson River. The redevelopment plan created the Hudson Yards Financing District, roughly bounded by West 43rd Street on the north, 8th Avenue to the east, West 28th Street to the south, and the Hudson River to the west. This area would be the recipient of $3 billion of bond revenue issued by the city through a city-owned local development corporation for the purposes of upgrading the area's outdated infrastructure. These investments were promised to pay for themselves by attracting private development to the area.Â

Keywords: Development; Urban; Redevelopment; New York City (search for similar items in EconPapers)
JEL-codes: E21 H2 H30 (search for similar items in EconPapers)
Pages: 59 pages
Date: 2015-10
New Economics Papers: this item is included in nep-his and nep-mac
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