In the last twenty years, urban centers worldwide have experienced
enormous booms and busts as real-estate developers, financial
institutions, and public officials first poured resources into
physical redevelopment, then watched as the market collapsed before
booming again in the 1990s. In this extensively revised edition of
her highly regarded The City Builders, Susan Fainstein examines
major redevelopment efforts in New York and London to uncover the
forces behind these investment cycles and the role that public
policy can play in moderating market instability.
Fainstein chronicles the progress of three development projects
in New York (Times Square, downtown Brooklyn, and Battery Park
City) and three in London (King's Cross, Spitalfields, and
Docklands). Analyzing the political and economic processes
underlying physical changes in these two cities during the last two
decades, she uncovers the role played by developers' perceptions
and strategies in their interactions with both public policy-makers
and property markets. This new edition follows each development
effort to the present and places the discussion in a newly
strengthened theoretical framework.
In her investigation of the convergence between London and New
York during the 1980s and then the divergence that began in the
1990s, Fainstein traces similarities and differences in the effects
of globalization, ideology, and institutional structure in each
city's experience. This comparative framework also sheds
considerable light on the contributing roles of structure and
agency in creating final outcomes.
Fainstein concludes by assessing the impact of "theme park"
development on the urban fabric and recommending a set of realistic
strategies to both redevelop cities and improve the lives of urban
residents.
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