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February 9, 2009
Report: City wasted resources on projects like Atlantic Yards instead of investing in infrastructure
Atlantic Yards Report
A report released last Friday by the Center for an Urban Future, titled Reviving the City of Aspiration, lays out the daunting challenges faced by the middle-class in New York City and lays out some potential solutions.
I'll write about the report in more detail later on, but here's one resonant excerpt:
As the city economy boomed over the last dozen years, city leaders expended a large chunk of New York’s economic development and planning resources on costly sports stadiums and glitzy developments like Atlantic Yards, Governor’s Island and the new Penn Station—projects that garner headlines and facilitate huge private profits, but do little to shore up the basic building blocks of life in the five boroughs. The opportunity cost came in investments not made to increase the frequency of subway service, create new express bus and ferry routes and renovate critical infrastructure—projects that would help reduce commuting times and improve New Yorkers’ quality of life. Local officials must now make it a priority to undertake these infrastructure projects, while continuing ongoing efforts to improve public schools and reduce crime.
None of the news coverage last week picked up on this one.
The issue isn't completely cut and dried. Surely a new Penn Station is needed, and Atlantic Yards would include some infrastructure improvements. But the economic case for a new arena--capturing revenues from New Jersey--has declined steadily as the city put more money into the project, and it may well be a money-loser.
By the way, the cover photo of the report was shot by Atlantic Yards Camera Club member and Brit in Brooklyn blogger Adrian Kinloch.
Posted by lumi at February 9, 2009 5:32 AM