Posted Aug 2, 2011, 4:21 PM
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BANNED
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Join Date: Jul 2009
Posts: 2,546
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There is no such thing as a "lack of funds", only a lack of projects that make sense. Actually there is 100's of billions of investable funds looking for projects. The problem is that investors are viewing projects with skepticism and holding back on their cash and credit facilities until they believe the economy is really going to recover.
Currently few highrise projects are attracting funding. It is the Mayor's (plus City Council) job to look at the long-term benefit to the city and withhold permits from projects that may be good for the short term, but eliminate the possibilty of projects that will be better in the long term. It IS his job to block this project if highrise would serve that area better.
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