Bloomberg.com: The High Line = Good Economics
All eyes were on our nation's capital today as President Obama signed the stimulus bill (or, properly, the American Recovery and Reinvestment Act) into law. Before the $787 billion economic recovery package was finally approved, debate raged over how the funds should be distributed.
On that note, James S. Russell, Bloomberg's architecture critic, argued a point we couldn't agree with more: "If you want bang for taxpayer's buck, build parks and fund the arts."
His recently published article on Bloomberg.com asserts that the arts spur economic development, citing the High Line as a prime example: "From an economic standpoint, starving the arts is suicidal. Consider the case of the High Line, the park in the Meatpacking District. The City of New York invested $170 million in the project, which directly inspired as many as 50 major residential projects worth as much as $5 billion."
Click here to read the full article on Bloomberg.com.