Change Manhattan Should Believe In?

changePresident Obama's push for a bailout proposal is going over pretty well here... but are New Yorkers expecting a little too much from the stimulus package? Eliot Brown at The Observer notes that the reality may not line up with our hopes...

The Bloomberg administration today announced it expects it will get from the federal stimulus package roughly between $500 million and about $1 billion in capital dollars, according to testimony at the City Council delivered by Jeff Kay, director of the mayor’s Office of Operations. That money, spread over two years, is not a particularly enormous sum given that the city’s capital plan calls for more than $18 billion in spending over the next two years.

Read the rest of the article here. What do we think? Will the package have what it takes to keep Manhattan from dipping further?

NYC Daily Real Estate Blog

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