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January 31, 2007

Help Us, Governor Spitzer!

This crusading reformer has his work cut out for him.

City Journal

On "Day 31," Nicole Gelinas's litany of issues crying out for gubernatorial reform cites Bruce Ratner's Atlantic Yards as the poster project for public authorities run amok:

A recently approved ESDC-backed project, the Atlantic Yards basketball and housing project in Brooklyn, sponsored by politically connected development firm Forest City Ratner, is a perfect example of this wasteful superfluity. To build its stadium and 6,000 or so apartments in central Brooklyn, FC Ratner needs about $500 million in state and local subsidies, and it depends, too, on the state’s eminent-domain power to condemn properties in the project’s footprint. But much of the state’s involvement here is unnecessary. The central Brooklyn area where FC Ratner plans to build was an up-and-coming neighborhood, winning new private residential and commercial investment, long before the state-supported development firm announced its plans three years ago.

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Posted by lumi at January 31, 2007 7:42 AM