Past Events

Hudson Yards: The Cost of Redevelopment

January 24, 2019

hudson yards adobe

Tax increment financing (TIF) has exploded in popularity on the municipal finance landscape as cities increasingly compete for scarce public resources to fund economic development projects.

The authors presented a case study of the Hudson Yards redevelopment project in New York City, the country’s largest TIF-type project. The analysis reveals a project that, rather than being “self-financing,” cost the city $2.2 billion, largely due to tax breaks to incentivize development and standard development risks and costs. The authors conclude that positioning TIF and its variants as “self-financing” is incomplete and that analyzing costs and risks associated with TIF and TIF-variant projects is necessary to provide a robust cost-benefit analysis to those municipalities considering its implementation. The study was covered by Gothamist and the New York Post

Speakers:

Bridget Fisher, Associate Director, Schwartz Center for Economic Policy Analysis (SCEPA)

Bridget Fisher is a communications specialist with a background in government and public affairs. Before joining SCEPA, she was a senior press officer in The New School’s communications department working with social science departments across the university. She came to higher education from government. In New York, she served as chief of staff for a member of the New York City Council and director of communications for the Working Families Party. On Capitol Hill, she served as press secretary and legislative assistant for a member of the U.S. Congress. Bridget graduated from American University in Washington, D.C., with a bachelor's degree in public communication and women’s studies. She received her master's degree in public administration with a focus on urban economic development from CUNY's Baruch College.

Flávia Leite, SCEPA Research Associate

Flávia Leite holds a MS in Urban Policy Analysis and Management from Milano (2017) and a BA in economics from the University of São Paulo (2014). She is currently working as an advisor at São Paulo Parcerias, a mixed capital company linked to the municipality of São Paulo, Brazil. She is also a research assistant at SCEPA, investigating the financing structure and impacts of the Hudson Yards Project in NYC. Her areas of specialization are urban planning and development and housing policy. Previously she served as an analyst at P3urb, a Brazilian Consultancy, as Public Policy fellow for the Citizens Budget Commission in NYC and interned for the International Finance Corporation (IFC-The World Bank).

This event was part of the Kea Fiedler Spring 2019 Research Colloquium.

 

About SCEPA

SCEPA works to focus the public economics debate on the role government can and should play in the real productive economy - that of business, management, and labor - to raise living standards, create economic security, and attain full employment.