The Hudson Yards project has proven to be an economic success, resulting not only in new office spaces and apartments but also in a funding model that supports infrastructure improvements through tax revenues. The Hudson Yards Infrastructure Corporation reinvests this revenue into the community, enabling significant developments like the 7 train expansion and generating surpluses for New York. As proposals for the redevelopment of the Western Yards emerge, there's potential to use this model to address New York's housing crisis, suggesting an increase from 1,500 to 4,000 new housing units on-site, with a focus on affordability.
We created an innovative way for big New York projects to self-fund critical infrastructure improvements.
This would make the project one of the largest additions of new housing in Manhattan in decades and help alleviate the huge shortfall in supply.
The venture has generated hundreds of millions of dollars of surplus revenue for New York and is projected to generate $2 billion in additional surplus revenue by 2028.
Developers Related Companies/Oxford Properties Group and Wynn Resorts proposed a strong plan for the site which included 1,500 units of new housing.
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