{"id":470560,"date":"2022-07-05T01:12:04","date_gmt":"2022-07-04T22:12:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/penn-station-badly-needs-a-redo-but-cuomo-hochul-plan-doesnt-cut-it\/"},"modified":"2022-07-05T01:12:04","modified_gmt":"2022-07-04T22:12:04","slug":"penn-station-badly-needs-a-redo-but-cuomo-hochul-plan-doesnt-cut-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/penn-station-badly-needs-a-redo-but-cuomo-hochul-plan-doesnt-cut-it\/","title":{"rendered":"#Penn Station badly needs a redo but Cuomo-Hochul plan doesn&#8217;t cut it"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a569da94e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a569da94e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/penn-station-badly-needs-a-redo-but-cuomo-hochul-plan-doesnt-cut-it\/#%E2%80%9CPenn_Station_badly_needs_a_redo_but_Cuomo-Hochul_plan_doesnt_cut_it%E2%80%9D\" >&#8220;Penn Station badly needs a redo but Cuomo-Hochul plan doesn&#8217;t cut it&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CPenn_Station_badly_needs_a_redo_but_Cuomo-Hochul_plan_doesnt_cut_it%E2%80%9D\"><\/span>&#8220;Penn Station badly needs a redo but Cuomo-Hochul plan doesn&#8217;t cut it&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/032621_Penn-Station-Empire-Station-Complex_5RM.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Anyone who\u2019s ever been <em>close<\/em> to Penn Station knows what a hellhole it is. So it\u2019s good that state and transit officials are planning to overhaul the site. Alas, what they\u2019ve presented so far is cause to worry.<\/p>\n<p>Gov. Kathy Hochul is picking up plans from her predecessor, Andrew Cuomo, that call for 10 supertall skyscrapers \u2014 with a whopping total of 18 million square feet of largely office space \u2014 to rise in the area, with the tax revenue they generate used to fund improvements and an expansion at the station. On Thursday, the gov\u2019s economic-development folks OK\u2019d an environmental impact statement for the project, paving the way for a final vote this month. <\/p>\n<p>Whoa. Slow down, Gov.<\/p>\n<p>Yes, the station is vital to the region\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and economic fabric. Yet the price tag alone should give pause: At $7 billion for the station\u2019s makeover and another $12 billion for an expansion, it\u2019ll be one of the most expensive transit projects in US history. And with soaring inflation and cost overruns, those jaw-dropping sums will only grow. (As transportation expert Larry Penner notes, direct costs for the East Side Access project at Grand Central more than <em><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>led, <\/em>from $3.5 billion in 2001 to more than $11 billion last year. And inflation was far lower then.) \u00a0\u00a0<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Watchdogs are likewise nervous about how the work would be paid for. The Citizens Budget Commission wonders if using tax revenue from the new buildings to fund a state transportation project is the \u201cmost <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate financing strategy.\u201d Normally, buildings pay city property tax, which can be used for cops, teachers, parks, hospitals. Yet it\u2019s not even clear what kind of role the city would have (if any) in the decision-making for this project.<\/p>\n<p>The CBC and others also warn that such a financing scheme \u2014 which depends on <em>future <\/em>revenue from the buildings to pay for <em>sunk<\/em> costs of the project \u2014 is risky and often more expensive than other financing schemes. Those risks are only magnified by uncertain post-pandemic demand for office space. And taxpayers are sure to be on the hook for any shortfalls.<\/p>\n<p>It\u2019s unclear, too, what exactly New Yorkers will be getting for that money, who\u2019ll be responsible for paying what, how many businesses and residents will have to be booted against their will and whether the city will lose control over land-use decisions there.<\/p>\n<p>Critics also wonder what kind of special tax-revenue deal Hochul will cut with the area\u2019s primary property owner, Vornado. The company\u2019s CEO Steven Roth, along with his family, has given tens of thousands of dollars to the governor\u2019s reelection campaign.<\/p>\n<p>Hochul showed she\u2019s happy to sign on to mega-projects at taxpayer expense when she ponied up $600 million in state funds for a new Buffalo Bills stadium. The costs to taxpayers for a new Penn Station could dwarf that. Yes, it\u2019s badly needed, but at what price? \u00a0\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/07\/04\/penn-station-badly-needs-a-redo-but-cuomo-hochul-plan-doesnt-cut-it\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Penn Station badly needs a redo but Cuomo-Hochul plan doesn&#8217;t cut it&#8221; Anyone who\u2019s ever been close to Penn Station knows what a hellhole it is. So it\u2019s good that state and transit officials are planning to overhaul the site. Alas, what they\u2019ve presented so far is cause to worry. Gov. Kathy Hochul is picking&#8230;<\/p>\n","protected":false},"author":1,"featured_media":470561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/032621_Penn-Station-Empire-Station-Complex_5RM.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[130977,71560,43,130996,98806,88223,7646,125805],"class_list":["post-470560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-4-22","tag-economic-development","tag-editorial","tag-empire-state-development","tag-kathy-hochul","tag-penn-station","tag-transit","tag-vornado-realty-trust"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=470560"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/470560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/470561"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=470560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=470560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=470560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}