The Cost of New York City’s Hudson Yards Redevelopment Project

Bridget Fisher, Flávia Leite, Schwartz Center for Economic Policy Analysis (SCEPA), The New School for Social Research

5 November, 2018

THE COST OF NEW YORK CITY’S HUDSON YARDS REDEVELOPMENT PROJECT

ABSTRACT: Tax increment financing (TIF) has exploded in popularity on the municipal finance landscape as cities compete for scarce public resources to fund economic development. Previous studies evaluate TIF’s efficacy and ability to spark economic growth.

This research expands the evaluation of TIF by questioning the widespread understanding of TIF as a “self-financing” tool through an analysis of its risks and costs to taxpayers. We present a case study of the Hudson Yards redevelopment project in New York City, the country’s largest TIF-type project.

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The Cost of New York City’s Hudson Yards Redevelopment Project