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The Investment Challenge
New
York is enjoying a resurgence that has improved virtually every aspect
of City life. More people are working in the City than at any point
in the last thirty years. Increased tax revenues have contributed
to large budget surpluses. New businesses--from Internet start-ups
to multinational corporations--have made New York home. Bedrock industries,
such as real estate and financial services, are flourishing. Nearly
35 million tourists visited the City last year and spent $14.5 billion.
But as fortunes rise, our biggest problem can be our own success.
Growing numbers of residents, jobs, businesses and tourists mean
greater demand on housing, education, mass transit, and essential
services such as electricity and waste disposal. Our emphasis must
now shift from spurring growth to supporting the demands created
by our success and building for the future.
Consider these facts.
- The shortage of affordable housing is at an all-time high. For
middle-income families, New York is now the most expensive city
in the nation for rental housing and home ownership.
- The mass transit system must accommodate 600,000 additional
passengers each weekday. Highways, bridges and roads are regularly
congested. Between 1997 and 1998, 3.4 million more vehicles entered
the City from New Jersey, and Manhattan-bound traffic on East
River Bridges increased by nearly 12,000 cars per day.
- Fifty-nine percent of the City's students attend public schools
that are filled beyond capacity.
The challenges that face New York today reflect our accomplishments
and successes. The building industry, and leaders in government,
have the ability-- and a responsibility-- to help map our future
course. To realize continued growth, New York must invest now to
accommodate future demand on our infrastructure and public services.
This is what "Building for Growth"
is all about.
The New York Building Congress recommends
taking three steps.
Document future needs now.
While potential infrastructure projects are boundless, sources of
funding are not. City, State, regional and federal leaders should
come together to develop a list of capital needs, and support projects
that responsibly address those needs. These projects should include:
new and improved public school facilities; sufficient affordable
housing units; the Second Avenue Subway; East Side access to Grand
Central Terminal; a rail link to LaGuardia Airport; and extensive
port development.
Make the case for "Building
for Growth."
Securing these critical investments requires continued and tenacious
advocacy. Leaders in the industry are best prepared to recognize
the value of--and need for-- strategic capital investment. Industry
leaders must, therefore, be the standard bearers for this cause
in meetings with elected officials, agency heads, and business,
tourism and civic leaders. The industry can also help make the case
to taxpayers and let them know what is at stake.
Develop dedicated sources of funding.
Political leaders must develop sources of funding that are protected
from short-term political pressures. Government must make the hard
decision to create a locked box, and then resist the temptation
to pick the lock.
"Building for Growth" means securing New York City's
continued prosperity, stability, and position as the capital of
the world.
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