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Paterson's Rule Could Derail Major Real Estate Deals
By
Dave Hogarty
Published Mar 14, 2008
Modified Mar 14, 2008
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By
Dave Hogarty
Published Mar 14, 2008
Modified Mar 14, 2008
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The abrupt elevation of Lieutenant Governor David Paterson to the top seat in NY State government should mix things up a bit in Albany and NYC. First up is the state budget, and with a grim economic outlook and behind-the-scenes transitions, he said yesterday, “We cannot afford to waste another second. We have a budget that is due and a deadline to meet.”
Paterson added he would attempt to govern by consensus, rather than take Spitzer's adversarial style of rule. However, he claimed that he would stick with Spitzer's overall agenda, though one change could be more taxes on the state's wealthy; Spitzer wasn't in favor of an increased income tax on the rich, but Paterson is less resistant.
Another salient difference between the two is Paterson's attitude on eminent domain procedures. As a former state senator from Harlem, he objected to the use of land seizure through eminent domain; in 2005, he stood on the steps of City Hall to call for a halt on such seizures. Eminent domain-reliant projects are Columbia University's Manhattanville expansion, Bruce Ratner's Atlantic Yards development in Brooklyn, and the new development plans for Willets Point in Queens.
Without the backing of the governor, it's unclear whether these large projects could remain politically or financially viable. Crain's also pointed out the long-gestating Moynihan Station project could be linger longer. It's also possible Empire State Development Corporation head Patrick Foye, friend of Spitzer, may be replaced.
So far, officials have voiced confidence that Paterson will rise to the occasion. He has, of course, managed to get this far in spite of his blindness.
Photograph of State Senate Majority Leader Joseph Bruno and Lieutenant Governor David Paterson by Mike Groll/AP
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Albany
Atlantic Yards
budget
columbia
david paterson
eminent domain
Governor Spitzer
hookergate
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willets point
Dave Hogarty
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