« Tax Foundation on Yankee Stadium: "the House the IRS Built" | Main | ESDC CEO Lago admits the obvious: Atlantic Yards would take “decades” »
April 9, 2009
NYC EDC head on recent past: "We’ve been much more the 'Real Estate Development Corporation'"
Atlantic Yards Report
When we thought that "EDC" meant "Every Developer Corporation," we weren't far off. NYCEDC Prez Seth Pinsky explains why:
The current issue of City Hall News contains excerpts from a March 13 "On/Off the Record" breakfast session with New York City Economic Development Corporation President Seth Pinsky.
Q: You are the president of the Economic Development Corporation. At this moment of recession, general economic turmoil, what do those words even mean?
A:...What occurred to me was that, really, for much of the last several years, even though we call ourselves the Economic Development Corporation, we’ve been much more the “Real Estate Development Corporation”, and that’s been because the economy has been growing on its own without much need for the city’s interference.
In the full quote, Pinksy admits to an "epiphany" that hardly inspires confidence.
Posted by lumi at April 9, 2009 6:03 AM