Annual Report 2006
Page 1
New York City is in the midst of an unprecedented building boom with expectations of dramatic population and job growth over the next decade. If planned major real estate developments and improvements to institutional facilities and infrastructure throughout the five boroughs are realized, the City could reach more than 9 million residents and an additional 315,000 jobs by 2025.
But without these improvements to neighborhoods, mass transportation, hospitals and schools, we will, most assuredly, not reach our potential for growth and progress.
We are fortunate to have an administration in City Hall with vision and courage that has proposed far-reaching, long-range development initiatives while simultaneously exercising fiscal restraint. And progress in Albany, on issues such as the Transportation Bond Act and New York City school construction funding, indicates that the State Legislature is willing to take responsibility for their role in supporting the City’s economy. Our leadership needs to build on this momentum and continue to be proactive in securing the financing that allows such projects to become reality.
Proposed infrastructure and development projects that can move the City forward abound, many of which are discussed in the pages of this report. Important examples include: multiple City Planning rezoning initiatives; Javits Convention Center expansion; capital plans of the Metropolitan Transportation Authority and the Port Authority of New York & New Jersey; and private developments such as Atlantic Yards, Silvercup Studios and the new Yankee Stadium complex. While private investments are generally fully funded and their completion usually predictable, public investments come at no small cost to the City and State budgets and can be a challenge to fund while maintaining so many other services.
It is precisely this challenge – to fully fund vital public projects -- that requires all the innovation and creativity this City and this industry are known for. One of the most important goals of the New York Building Congress in 2006 is to marshal the expertise of its members in design, construction and real estate to propose solutions to the funding challenge and encourage legislators to seriously consider all options. Dedicated financing, user fees and congestion pricing are the kinds of initiatives that must be taken seriously if New York City is to maintain and improve its economy. And let us not forget that an improved New York City economy will fuel progress throughout the State.
As Chairman of the New York Building Congress, I ask for your participation in efforts to help convince those in government of the urgent need for consistent, long-term, dedicated financing to complete the projects started with Bond Act funds, and support the capital programs of our infrastructure authorities beyond the next few years. With the upcoming gubernatorial election, we have an especially good opportunity to advocate responsible, long-term infrastructure planning for the City and State and to communicate the undeniably positive impact on millions of New Yorkers, present and future.
Dominick M. Servedio Chairman
