Articles on NYC Economic Development Corporation

Meet the Government Agency That's Quietly Transforming Manhattan

Manhattan real estate is being transformed by the Economic Development CorporationMayor Bloomberg has always had an unshakable faith in the power of the free market, entrepreneurship, and the nascent tech-industry. Perhaps that’s why he’s doubled the budget of a little known government body during the course of his administration, giving over $500 million in taxpayer dollars annually for capital projects. It's time to get familiar with the New York City Economic Development Corporation, an organization specifically designed to stimulate the economy of New York City, but one that is controversial insofar as it straddles the murky area between the public and private realm, making it powerful and inaccessable at the same time.