Slowing Down Ground Zero Rebuilding

The master plan for rebuilding Ground Zero has been dealt a mortal blow by the limited insurance payout. But perhaps this is for the better?
May 9, 2004, 7am PDT | Chris Steins | @urbaninsight
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The federal jury verdict that rejected a double insurance payout to WTC leasholder Larry Silverstein gives "all parties to downtown's rebuilding a pause to think--and that's not necessarily bad. After all, the World Trade Center had never been the monument to capitalism the terrorists believed it to be. Rather, it was the product of the Port Authority of New York and New Jersey's peculiar brand of government gigantism--immense office towers built on private land acquired under eminent domain, exempted from city building codes, and freed from all taxes to compete with the private sector... Now Mr. Silverstein--the leaseholder, but not the owner--and the government agencies in charge of rebuilding must rethink their options."

Thanks to Chris Steins

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Published on Thursday, May 6, 2004 in Wall St. Journal
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