#MapMondays — Gerrymandered map from @citylab showing how Hudson Yards was able to qualify for at least $1.2 billion in EB5 funding meant for jumpstarting investment in distressed or impoverished areas.
But Hudson Yards is the most expensive real-estate development in US history, surrounded by Midtown to the east and the Highline and Chelsea to the south, so how did it qualify as distressed for a program that was supposed to help alleviate urban poverty? EB5 "enables immigrants to secure visas in exchange for [spending millions] in real estate investments... [then] can purchase visas for their families, making it a favorite for wealthy families abroad, namely in China." To qualify, the area had to meet an unemployment threshold of 150% of national unemployment. As the map shows, Hudson Yards was linked to districts in Harlem with a high concentration of public housing developments through a gerrymandered district that links them via Midtown and Central Park. But #CentralPark is far from economically distressed?!?! 🙀
Citylab continues: "These funds might have financed alternative developments in #Harlem directly... Instead, Related sopped up hundreds of millions in funds never intended to finance luxury projects. The developer has successfully leveraged Harlem unemployment to raise more in EB-5 financing than any other developer in the nation. Related recently sought a third tranche of EB-5 funds for Hudson Yards, targeting $380 million—bringing the total as high as $1.6 billion."
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