RESEARCH

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In a forthcoming book about cities and inequality, SCEPA Senior Fellow Rick McGahey examines how economists think about cities, what they typically leave out, and what this tells us about the future for urban hubs such as New York City. 

TIF’s self-financing rhetoric can be used to shift risk onto taxpayers.

hudson yards adobe

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.

The framing of the redevelopment of Manhattan's Hudson Yards as a self-financed project hides the public trade-offs.