Opening March 15, The Hudson Yards development project is the most expensive private real-estate investment in the history of the country. It will introduce new retail spaces, offices, parks, and luxury apartments to the Chelsea neighborhood. Additionally, it will create 55,000 new jobs and completely transform the west side of Manhattan. People against the project criticize the government giving over $6 billion in tax breaks to developers. In addition, the city spent nearly $2.2 billion expanding the 7 train line to Hudson Yards and $1.4 billion for the amount of land they set aside for the parks.
Source: https://www.nytimes.com/2019/03/09/nyregion/hudson-yards-new-york-tax-breaks.html
What does Hudson Yards suggest about nexus of government and real estate/private business? Total tab=$9.6 billion.
How come Hudson Yards and not Amazon?
I think tax breaks are necessary incentives for real estate developers to modernize our older neighborhoods. On the flipside, it can be seen as gentrification and economic inequality as the financial benefits for the rich outweigh the social improvements that comes with development. But what are your thoughts on this expansion/development? Do you think benefits the lower classes as well? Do you think it’s appropriate for the government to give significant tax cuts?