Wrong Picture

The Story

Empire State Development, New York’s economic-development agency, was embarrassed recently when it turned out that its glossy annual report contained a picture of a large construction site . . . in South Africa. Some saw this misallocated photo as a metaphor for the dysfunctional, out-of-control state economic development policy in New York. The agency can be forgiven for using the wrong stock photo, but billions of dollars in misallocated funds are harder to ignore. 

The Facts You Need to Know

  1. Craps: Cuomo’s decision to give upstate New York casino gambling in lieu of fracking has been a bust. Read more.

  2. Light Green: Public financing of renewable-energy programs hasn’t produced the expected windmills and solar panels that the state has insisted it needs. Read more.

  3. Buddies: The conviction of Cuomo associate Joseph Percoco has cast a harsh light on Albany’s pay-to-play political culture. Read more.

“As one after another economic development scheme fails, politicians often wind up throwing good tax money after bad.”

Steven Malanga, Manhattan Institute George M. Yeager Fellow

Twitter Take

The Past is Present

Getting Economic Development Backward By William J. Stern (Winter 1995)

“If companies already in New York find taxes high enough to drive them out, how will the city ever attract the small startup businesses that account for most of the nation’s job growth?”

Featured Podcast

“E.J. McMahon and Seth Barron discuss recent corruption cases in New York and how the state government in Albany is attempting to revitalize struggling areas with ‘economic-development’ programs.”

And in other news...

“Days after de Blasio said he is considering revisiting the idea of capping the number of for-hire vehicles like Uber operating in the city, Cuomo on Monday suggested Hizzoner go for it.”