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The Myth of Self-Financing: The Trade-Offs Behind the Hudson Yards Redevelopment Project

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Abstract

In 2005, after three years of debate and public review, Mayor Bloomberg and the New York City Council finalized a deal to finance an expansion of the Manhattan's central business district from Midtown to the Hudson River. The redevelopment plan created the Hudson Yards Financing District, roughly bounded by West 43rd Street on the north, 8th Avenue to the east, West 28th Street to the south, and the Hudson River to the west. This area would be the recipient of $3 billion of bond revenue issued by the city through a city-owned local development corporation for the purposes of upgrading the area's outDated infrastructure. These investments were promised to pay for themselves by attracting private development to the area.

Suggested Citation

  • Bridget Fisher, 2015. "The Myth of Self-Financing: The Trade-Offs Behind the Hudson Yards Redevelopment Project," SCEPA working paper series. 2015-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepawp:2015-04
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    More about this item

    Keywords

    Development; Urban; Redevelopment; New York City;
    All these keywords.

    JEL classification:

    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue

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