The developers of Hudson Yards received $1.2 billion in financing from the EB-5 program, all made possible by a map that gerrymandered the project into the same neighborhood as Harlem public housing.
Kriston Capps reports on the financial deal that helped finance the Hudson Yards mega-project in New York City. Bolstering a point that heavily criticized design choices are not the component of the project most deserving our contempt. Capps explains that reasoning:
Without their knowledge, the residents of a number of public housing developments helped to make Hudson Yards possible. The mega-luxury of this mini-Dubai was financed in part through a program that was supposed to help alleviate urban poverty. Hudson Yards ate Harlem’s lunch."
Specifically, the project raised at least $1.2 billion of its financing through a controversial investor visa program known as EB-5. This program enables immigrants to secure visas in exchange for real estate investments. Foreigners who pump between $500,000 and $1 million into U.S. real estate projects can purchase visas for their families, making it a favorite for wealthy families abroad, namely in China. EB-5 is supposed to be a way to jumpstart investment in remote rural areas, or distressed urban ones.
Related Companies, the developer of Hudson Yards, "raked in" at least $1.2 billion in EB-5 funds for the project, despite the project being "nobody's idea of distressed."
So how did Related Companies manage to qualify for the project? A highly gerrymandered map, created by Empire State Development, the economic development agency for the state of New York.
New York state “gerrymandered” a map to qualify Hudson Yards for $1.6 billion in financing meant for low-income areas—by threading it to public housing in Harlem. @kristoncapps reports:https://t.co/71yXG5KqIl pic.twitter.com/gX3PrCHlex
— CityLab (@CityLab) April 21, 2019
As note by Capps, the Hudson Yards project is one symptom of larger problems with the EB-5 program, and not just an example of systematic failures of New York real estate.
Sophie Kasakove provides additional follow-up coverage of Capps's reporting, tying the EB-5 story of Hudson Yards to controversies created by the use of tax increment financing in Chicago.
FULL STORY: The Hidden Horror of Hudson Yards Is How It Was Financed
Review: The Hudson Yards Mega-Development, Open to the Public Today
Curbed Architecture Critic Alexandra Lange provides everything you need to know about the $25 billion, "city within the city" that opened to the public in Manhattan today. Also, the review isn't exactly positive.
A Giant in an Era of Mega-Developments
In-depth reporting on the history and present of Related Cos., the developer of several of the largest mega-developments in the United States.
Hudson Yards as a Cautionary Tale
As the city of Philadelphia considers the prospect of building a massive private development called Schuylkill Yards, lessons from New York City's Hudson Yards are considered.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
The VW Bus is Back — Now as an Electric Minivan
Volkswagen’s ID. Buzz reimagines its iconic Bus as a fully electric minivan, blending retro design with modern technology, a 231-mile range, and practical versatility to offer a stylish yet functional EV for the future.
Healing Through Parks: Altadena’s Path to Recovery After the Eaton Fire
In the wake of the Eaton Fire, Altadena is uniting to restore Loma Alta Park, creating a renewed space for recreation, community gathering, and resilience.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Electric Vehicles for All? Study Finds Disparities in Access and Incentives
A new UCLA study finds that while California has made progress in electric vehicle adoption, disadvantaged communities remain underserved in EV incentives, ownership, and charging access, requiring targeted policy changes to advance equity.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research