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December 10, 2008
Ratner Work Stoppage and Delay is Corporate Strategy.
Whither Public Policy?
Develop Don't Destroy Brooklyn
DDDB listened in on Forest City Enterprises' conference call with stock analysts today, and learned that, no, the two lawsuits it's funding are not the reason that work was halted on the Atlantic Yards project last week.
Well today, on parent company Forest City Enterprises third quarter analysts call, CEO Chuck Ratner said, "We've put all new development on hold until economic conditions improve meaningfully." He included Atlantic Yards in his run down.
So the rail yard work stoppage is due purely to corporate strategy, not litigation.
Meanwhile, as the Carlton Avenue bridge stands half-demolished, and the state and city seem content to let Forest City decide when to resume the work on this important piece of public infrastructure, DDDB has what seems like a sensible suggestion.
It's time for some good public policy at the proposed development site, instead of corporate strategies.
Posted by eric at December 10, 2008 3:41 PM