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NYC's Wall Street Becoming A Neighborhood

Posted by: Christian Madera

8 February 2007 - 1:00pm

With the post 9/11 displacement of many financial firms, residents, along with restaurants and shops, have started to move into the area -- remaking the financial hub into a desirable place to live.

"The Financial District is following what has become a well-established pattern for New York neighborhoods: historical industries pull out, upscale development moves in. Banks and investment firms have been abandoning The Street for midtown for several years, and much like Soho and Tribeca before it, downtown Manhattan is transforming against all odds into a nice place to live. The September 11 attacks and the loss of the World Trade Center only accelerated the trend, tragically exposing the risk of concentrating so many of the world's leading financial firms. A large portion of the tax incentives and grants aimed at encouraging downtown rebuilding have gone to residential conversions."

Full Story: A Non-Random Walk down Wall Street
Source: The American, February 8, 2007
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These practices are also inequitable since they force non-drivers to subsidize parking costs, reduce travel options for non-drivers, and reduce housing affordability.
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