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April 7, 2008
The Bloomberg Mystique
The Brooklyn Rail
By Richard Wells
An accounting of the mythology and record of Michael Bloomberg includes an Atlantic Yards tidbit in a paragraph about the unraveling of the Mayor's mega-develpoment inc.:
...what of Bloomberg’s big development plans?
Many are going down the tubes, piece by piece. Hard on the heels of a fare increase, the M.T.A. just announced that improvements to subway service would be delayed because of declines in real estate tax revenue. All that remains of Atlantic Yards, a scheme touted for its contributions to the stock of affordable housing and open space, is the heavily subsidized Nets arena. The announcement that city officials had made a deal with Tishman Speyer to develop the West Side Railyards was immediately followed by news that, given the reluctance of lenders to finance big projects these days, construction won’t start anytime soon. If and when it does get built, moreover, it probably won’t be as grand as originally envisioned.
Posted by lumi at April 7, 2008 5:13 AM