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December 27, 2008
Downturn Ends Building Boom in New York
New York Times
By Christine Haughney
This article does not mention the proposed Atlantic Yards project, but it provides one context for evaluating claims made by certain developers and State agencies about the project moving forward.
Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis, an extraordinary body blow to an industry that last year provided 130,000 unionized jobs, according to numbers tracked by a local trade group.
The setbacks for development — perhaps the single greatest economic force in the city over the last two decades — are likely to mean, in the words of one researcher, that the landscape of New York will be virtually unchanged for two years.
“There’s no way to finance a project,” said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group.
Posted by steve at December 27, 2008 8:28 AM