Credit crunch imperils big projects

The credit crunch struck New York while several big projects pushed by city and state politicians were still being planned, from Moynihan Station to Hudson Yards to the Fulton Street Transit Center. Now, lending restrictions have tightened, construction costs keep increasing and tax revenues are dropping. A professor of urban policy and planning at New York University, Mitchell Moss, said too many big projects are being planned at once and that the most important must be prioritized, highlighting the planned Moynihan Station because it would drive growth on the far West Side. The chairman of the Singer & Bassuk Organization, Andrew Singer, said that scaling back big projects would slow down the rise in construction costs. 

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