1968: Rockefeller proposes $6B urban revitalization plan
Gov. Nelson Rockefeller
New York Gov. Nelson Rockefeller outlined a plan for a new non-profit, public-private corporation that was projected to spend $6 billion or more to redevelop impoverished areas of the state, including New York City, 46 years ago this month.
Rockefeller said the “revolutionary” Urban Development Corporation would have the authority to sell bonds to support the projects, obtain land through eminent domain and circumvent local zoning rules.
He expected the state public benefit corporation would leverage about $1 billion in public financing, with about $5 billion of private financing, to achieve the $6 billion in redevelopment. He cited urban rioting as one impetus for what he described as “drastic” measures...
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