"With banks not lending money readily, retailers facing dismal sales and the housing market woefully hurt, now is hardly prime time for investors to spend millions or billions creating a new vision of Westchester, developers said."
Bad combination of economic factors are in play here, though one developer explained how some may weather the deflated economy.
“Smart money positions itself to be able to withstand the storm while at the same time laying the groundwork for when the storm blows over,” Mr. Apicella said.
Altering proposals to reflect market demand, initiating or financing projects in stages and creating partnerships with public agencies are some of those steps, he said.
Skeptical thinking here points to a period where local governments in Westchester's cities have already put forth partnership and tax relief for economic development. However, the loss of jobs and tax revenue due to the delays on construction could outweigh that skepticism.
One variable seems almost certain: Westchester County will indirectly be collecting a lot less tax revenue over the next year or two at least, so the current depressed building industry is another serious argument to further downsize county government now.