Seth Pinsky

or in many ways, a gaping hole that prevented development from occurring around them. And what was really innovative about the plan was that the biggest challenge to developing the Hudson Yards was a combination of two things. One was building a deck over the rail yard so that you could develop on top of them. And the other was that the neighborhood was off of the subway system.

or in many ways, a gaping hole that prevented development from occurring around them. And what was really innovative about the plan was that the biggest challenge to developing the Hudson Yards was a combination of two things. One was building a deck over the rail yard so that you could develop on top of them. And the other was that the neighborhood was off of the subway system.

it really was not accessible to people who were coming from most parts of the region. So what Dan understood was that if the city were to rezone the area and allow for high density development, which would also solve another problem the city was facing, which was that we didn't have enough modern office stock, that if we were to rezone the area,

it really was not accessible to people who were coming from most parts of the region. So what Dan understood was that if the city were to rezone the area and allow for high density development, which would also solve another problem the city was facing, which was that we didn't have enough modern office stock, that if we were to rezone the area,

that we could borrow against the future tax revenues that would be generated by that development and use that money up front to extend the subway to the Hudson Yards from what had then been its terminus at Times Square. And the city did exactly that.

that we could borrow against the future tax revenues that would be generated by that development and use that money up front to extend the subway to the Hudson Yards from what had then been its terminus at Times Square. And the city did exactly that.

It turned out that not only was the city able to use the tax revenues to pay for the subway, but it's been generating a surplus of tens and tens and tens of millions of dollars a year from that tax revenue. And it has a vital new central business district that previously had not existed.

It turned out that not only was the city able to use the tax revenues to pay for the subway, but it's been generating a surplus of tens and tens and tens of millions of dollars a year from that tax revenue. And it has a vital new central business district that previously had not existed.

I think that there are a few things. One is that it's very important when you're in government to stop and ask what the questions are that you're trying to answer before jumping to answers. And that upfront analysis is really key. Number two is that the key to economic development is talent. And the key to talent is quality of life.

I think that there are a few things. One is that it's very important when you're in government to stop and ask what the questions are that you're trying to answer before jumping to answers. And that upfront analysis is really key. Number two is that the key to economic development is talent. And the key to talent is quality of life.

And an important part of quality of life is magnetic infrastructure. And therefore, when people think about arts and culture and they think about entertainment and restaurants, those are not just nice to haves for a city. They are critical to attracting that talent and starting that virtuous cycle. And number three is that it's not just about announcing initiatives.

And an important part of quality of life is magnetic infrastructure. And therefore, when people think about arts and culture and they think about entertainment and restaurants, those are not just nice to haves for a city. They are critical to attracting that talent and starting that virtuous cycle. And number three is that it's not just about announcing initiatives.

It's about making sure that you have the mechanics in place to actually deliver on your promise. And one of the things that I think we're seeing today when it comes to government, whether it be city, state, or federal, is a real skepticism that government can actually deliver on its promises. And focusing on competence is so important. for any government, and it is absolutely necessary.

It's about making sure that you have the mechanics in place to actually deliver on your promise. And one of the things that I think we're seeing today when it comes to government, whether it be city, state, or federal, is a real skepticism that government can actually deliver on its promises. And focusing on competence is so important. for any government, and it is absolutely necessary.

It doesn't matter how much money you put into the system. If the system itself is not working, then nothing's going to come out the other end.

It doesn't matter how much money you put into the system. If the system itself is not working, then nothing's going to come out the other end.

Arts and culture are maybe the best example of what I think of as magnetic infrastructure. I remember when I was running the Economic Development Corporation, what I used to say about arts and culture in New York was that it was a unique industry because it played three different roles. The first role was that it is what gave the heart to New York. It produces beauty.

Arts and culture are maybe the best example of what I think of as magnetic infrastructure. I remember when I was running the Economic Development Corporation, what I used to say about arts and culture in New York was that it was a unique industry because it played three different roles. The first role was that it is what gave the heart to New York. It produces beauty.

It produces works that are thought-provoking. It brings people together in important conversations. And so in and of itself, it's a good. In addition to that, arts and culture are an enormous economic sector in the city. They generate jobs. They bring tourists. They generate all sorts of economic activity just as businesses.

It produces works that are thought-provoking. It brings people together in important conversations. And so in and of itself, it's a good. In addition to that, arts and culture are an enormous economic sector in the city. They generate jobs. They bring tourists. They generate all sorts of economic activity just as businesses.