Tuesday, December 11, 2007

SHOCKER! Bruce Ratner lied from the start.

I mean, like, who would have imagined!

From No Land Grab::

Bait-and-switch from the start? Ratner knew office space projections were bogus

Atlantic Yards Report

On the fourth anniversary of the public announcement of the Atlantic Yards project, Norman Oder examines the apparently bogus prediction, made in 2003, of 10,000 jobs created in 2 million square feet of office space for Atlantic Yards.

The 10,000-job figure couldn't have been correct from the start:

  • Industry standards would say that 2 million square feet could support something more like 7,100 jobs.

  • 30% of the jobs would be new, the rest just moved from Manhattan to Brooklyn.

  • The market for office space was shrinking even as the project was being announced.

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