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The Long CrisisNew York City and the Path to Neoliberalism$
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Benjamin Holtzman

Print publication date: 2021

Print ISBN-13: 9780190843700

Published to Oxford Scholarship Online: January 2021

DOI: 10.1093/oso/9780190843700.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 05 December 2021

The Trouble with Development

The Trouble with Development

(p.167) 5 The Trouble with Development
The Long Crisis

Benjamin Holtzman

Oxford University Press

This chapter traces how, with limited federal and city funds at their disposal, Democratic and liberal officials in late 1960s and 1970s New York came to embrace generous tax and incentive policies to directly spur sagging development and rehabilitation. Though municipal officials had for decades used tax exemptions, these new incentives empowered the private sector to take the dominant role in economic development with little government oversight. As these policies began to face criticism for unnecessarily subsidizing development in gentrifying neighborhoods, officials turned to a new strategy: binding subsidies to developers’ commitments to make local improvements (such as street repairs). Doing so at once continued to diminish tax coffers and helped shift neighborhood improvement projects from the public to the private sector.

Keywords:   tax incentives, tax exemptions, privately owned public spaces, inclusionary zoning, incentive zoning, New York City, neoliberalism

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