In the 60s, there was a mini scandal at Columbia University when it was revealed theat the Head of its City Planning/Public Housing Program, Charles Abrams, chiarman of the NYC Planning Comisssion,etc, was an active slum landlord.
Henry
Henry C.K. Liu
James Baird wrote:
> >>How are the towers subsidized?
> >
> >Bigtime tax breaks. I haven't looked in a while, but last time I did,
> NYC
> >had extended something like $1.5 billion in tax breaks to real estate
> >developers. The whole Times Sq redevelopment scheme was driven by
> favorable
> >zoning, eminent domain, and tax breaks. Overbuilding during the 1980s
> in
> >the Wall Street neighborhood led to tax-subsidized conversion of
> offices to
> >residential buildings. For decades, the city's development strategy has
> >been to subsidize the strong (the FIRE sector) and punish the weak
> >(manufacturing).
> >
> >Doug
> >
>
> The best source for this is Robert Fitch's "The Assassination of New
> York". He digs up all the dirt on NYC development policies of the past
> 60 years - including the manipulations of the Rockefeller family in
> order to salvage their dumbshit investment in Rockefeller center (on
> land, incidentally, leased from Columbia). Interesting tidbit: thte
> amount of office space vacant at the end of the eighties was almost
> precisly equal to the amount built that decade - in other words, demand
> wasn't driving the building frenzy of the eighties - subsidies were.
>
> Jim Baird
>
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