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October 1, 2010

The math doesn't work: peak construction jobs would reach 1756, so how can 4980 new jobs be claimed (and how can they be attributed to EB-5 only)?

Atlantic Yards Report

You might not be able to believe this, but Bruce Ratner's greencards-for-cash funding scheme just doesn't seem to add up.

How can the $249 million investment into the Atlantic Yards project sought from green card-seeking Chinese investors create or retain nearly 5000 jobs, as is required under the guidelines of the EB-5 visa program?
...

Even during the peak construction period between 2011 and 2012, the number of construction jobs averages 1756 per year.

Yes, direct and indirect construction jobs created under the EB-5 program can be counted, but they must last two years.

Remember, the ESDC’s 2009 economic analysis suggested that “construction of the project will generate 12,568 new direct job years and 21,976 total job years (direct, indirect, and induced).”

So, if they generate 1756 construction jobs over two years, using the same ratio to add indirect and induced jobs, there would be 3070 jobs.

Where are the other 1928 jobs? There would be few permanent jobs, given the failure to construct an office tower.

More importantly, how can the sum total jobs be attributed to just this $249 million investment, when it's part of (as pitched in China) a $1.448 billion project or, as seen here, a $4.9 billion project?

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NoLandGrab: The next time Ratner does something legit will also be the first time Ratner does something legit.

Posted by eric at October 1, 2010 9:34 AM