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August 31, 2008
From the DEIS hearing: unheeded wisdom regarding the economic claims
Atlantic Yards Report
The ongoing review of 2006's Atlantic Yards Draft Environmental Impact Statement (DEIS) uncovers testimony that questions underlying economic assumptions about Atlantic Yards. A thorough, public review has never been done.
...The benefits laid out in detailed numbers in the DEIS rely on assumptions about new residents coming from outside of the city, about all retail and office space being filled immediately, about Nets fans coming from out of state and a certain number of Nets players living one the city.
These seemingly small assumptions are the fundamental foundation of the promised benefits to the City and the State. Yet, it is not hard to imagine circumstances in which several of these assumptions might play out differently in reality. Once the foundation falters, the whole facade of economic benefit begins to crumble.
Often important assumptions appear in [FCR consultant Andrew] Zimbalist's report, but are absent from the DEIS, misleading the public. If there is solid evidence to back up these claims, it is not presented in the DEIS.
Without this evidence it is unreasonable for the public to believe in the promises made by Forest City Ratner.
Posted by steve at August 31, 2008 6:39 AM