(p. A18) BUFFALO — More than six years ago, Gov. Andrew M. Cuomo announced his bold vision for New York’s second largest and perhaps longest-suffering city.
“We believe in Buffalo. Let’s put our money where our mouth is,” Mr. Cuomo said, announcing an economic development package of $1 billion. “That is a big ‘B’ — standing for Buffalo and standing for billion.”
. . .
“I think the Buffalo Billion sounds better than it probably turned out to be,” said Isaac Ehrlich, a SUNY distinguished professor of economics at the University at Buffalo.
Indeed, while construction work blossomed in early years, economists note broader employment growth in the city and region has consistently lagged behind the nation as a whole, as well as behind other Rust Belt cities, despite gains during the nation’s nine-year recovery. Perhaps more troubling, recent reports suggest that the job market essentially slowed to a crawl last year, as activity in manufacturing, retail and business services sectors flagged.
. . .
George Palumbo, an economics professor at Canisius College in Buffalo, said that the gleaming new buildings at the medical campus “take nice pictures,” but said the development was also illusory.
“You don’t have to go very far from that neighborhood to see Buffalo blight,” he said, “not Buffalo billion.”
For the full story, see:
Jesse McKinley. “Six Years Later, Cuomo’s ‘Buffalo Billion’ Project Yields Uneven Results.” The New York Times (Tuesday, July 3, 2018): A18.
(Note: ellipses added.)
(Note: the online version of the story has the date July 2, 2018, and has the title “‘Cuomo’s ‘Buffalo Billion’: Is New York Getting Its Money’s Worth?”)