The Necessity And Cost Of Urban Revitalization

"Boston Mayor Thomas Menino said: 'Cities are the economic engines that drive regions forward. But the state and federal governments want us to get there on an empty tank of gas.' ... The combination of a relatively sudden drop in revenues coupled with increased security demands -- estimated nationally to be as high as $100 billion -- have certainly put the pinch on city budgets... In the name of fiscal restraint and improved security -- with little help from the federal level on that score -- city governments are apparently left little choice but to make cuts in infrastructure, education and social services. These elements, however, may be just the expenditures necessary to not just sustain, but also capitalize, on the back-to-the-city movement that seems on the verge of truly reversing decades of population and business flight, while at the same time stem the erosion of the core business district. Although in today's economic and political reality there seems to be little money to spare, if we are going to sustain the economic viability of our urban core, can we afford not to make these investments?"

Thanks to ULI Weekly News Roundup