Critical Public Finance
Insights blog
The Pandemic Torpedoed New York City’s Budget. Now What?
Urban Matters, a publication of The New School's Center for New York City Affairs, featured an update on the post-pandemic city budget crisis facing New York City from James Parrott, director of economic and fiscal policies at the Center. Covid-19 has created a severe New York City fiscal crisis with a lot of moving parts. We asked James Parrott, director of economic and fiscal policies at the Center for New York City Affairs at The New School and a seasoned observer...
TIF Case Studies: California and Chicago
While tax increment financing (TIF) is a common tool for municipalities to fund economic development (read how it works here), it is responsive to the legal, political, and economic environments of the locality in which it is implemented.
Will New York City Survive The Covid Pandemic?
SCEPA Fellow Rick McGahey examines the pandemic's crushing economic effect on New York City in a new Forbes blog.
Resource Library
How Risk Undermines TIF's Self-Financing Premise
TIF’s self-financing rhetoric can be used to shift risk onto taxpayers. This research, "How Risk Undermines TIF's Self-Financing Premise: A Case Study of Hudson Yards," expands the evaluation of TIF by questioning the widespread understanding of TIF as a self-financing tool through analysis of its risks and costs to taxpayers. The authors find that disclosing and assigning project risk is necessary before the project’s public approval to provide a robust cost-benefit analysis to municipalities...
The Cost of NYC's Hudson Yards Redevelopment Project
Rather than being "self-financing," New York's Hudson Yards project cost the city $2.2 billion in costs, largely due to tax breaks provided by the city to incentivize development and standard development risks and costs.
