Tim Kawahara's Quote in Today's NY Times

The Ziman Center's executive director is quoted in this piece in today's NY Times.  Well done Tim!

The article focuses on the decision by California's governor to no longer fund community redevelopment agencies.  These agencies use strategic subsidies to lure developers to take on risky center city redevelopment projects.  The article has a subtle debate about the benefits and costs of such investments.  From an economist's perspective, there has to be a positive "social multiplier" effect in order for this to be a good use of public funds.  For example, suppose that by redeveloping an old run down movie theater and putting up new multifamily housing that crime falls in the neighborhood and that new businesses open nearby to cater to the new residents of the multifamily housing.  This is an example of a "social multiplier" effect.  In this case, if the developers build enough new housing there can be a localized "big push" that helps the area to revitalize.   It would interest me if any academics have done analyses of past investments in California. Back in 2002, Jean Cummings, Denise DiPasquale and I wrote a pessimistic paper about such investments in Philadelphia.  

 

 

 

 

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