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January 3, 2010
The Big Apple’s Big Problem
Newsweek
By Joel Kotkin
This article takes the beginning of Mayor Bloomberg's third term to suggest a new direction for New York City. Perhaps NoLandGrab readers will not be surprised that the overly-dense and heavily-subsidized Atlantic Yards project is not the way to go towards developing family-friendly neighborhoods.
Nurturing these neighborhoods will require a distinct shift in public policy. During the Bloomberg years the big subsidies have gone to luxury condo megadevelopments, sports stadiums, or huge office complexes. Consider the 22-acre Atlantic Yards project in downtown Brooklyn, which will include luxury housing and a new arena for the NBA's Nets; one recent report by the city's Independent Budget Office put the total subsidies provided by the city, New York state, and the transit authority at $726 million and estimated the project will hurt, not help, the city's economy over time.
Click on the link to read how the city might be turned around.
Posted by steve at January 3, 2010 5:16 PM