Subsidies Meant for Low-Income Communities Are Paying for Luxury Developments
“In New York City last week, anger mounted against the developers and city officials behind the Hudson Yards mega-development who financed the project through an act of what CityLab reporter Kriston Capps described as ‘creative financial gerrymandering.’ The state created a map linking low-income public-housing projects to the wealthy West Side neighborhood where Hudson Yards is located, in order to offer foreign investors a discounted visa option designated for those who invest in projects in distressed urban areas.”