Economic Impact

The revitalization of MetroTech Center was expected to bring in many economic impacts, which were outlined in a "Fact Sheet" about the MetroTech Projects found in the archives, and are discussed below.

The promise of job creation was major. It was expected to create 14,500 jobs after construction and retain 550 existing jobs at Poly. It would also create thousands of construction jobs. This could be beneficial to the residents especially the lower income bracket. It allows them a way out and jobs that could change the trajectory of their life. The intent of a lot of these projects is to help these underprivileged groups.  

This project boosted Downtown Brooklyn’s economy. MetroTech has meant that buildings have been improved and property values have shot up especially in surrounding neighborhoods. This has meant that different demographics have moved into the area, especially business professionals. As such, a rise in property prices has benefited property owners tremendously, but it has led to an issue to the people that lived prior who did not come from such a background.  Furthermore, Brooklyn has attracted businesses, turning it into a commercial hub. This, paired with the advancements in technology that have been brought into Brooklyn, led to a rise in entrepreneurship and innovation, and allowed for a lot of startups and investment to enter the area, generating more profit. However, despite the economic growth generated by MetroTech, the poverty gap in Downtown Brooklyn became a lot larger.

So where was all this money going? With this large influx, it stands to reason that the money must be supporting certain causes. At first, it was about simply expanding the economy but it was painted to help a lot of people. There were also promises of supporting minorities by allocating at least 15% of development costs for contracts to be awarded to minority businesses in the area . This effort was meant to involve marginalized communities in the participation of large-scale projects such as this. Hypothetically, this could be the push that these groups would need. New York City for a long time has tried to fix this problem to varying success.This is simply one of many efforts to solve a problem that seems to be more of a structural problem. The promises have to be followed with policy. This whole project focuses on money without having appropriate systems and pipelines for people to take advantage of them. 

Upon completion, the project would generate an estimated $54 million annually in tax revenues. This could enhance the quality of life for residents in Brooklyn, if the money were to be used towards improving public services and infrastructure. This would only be successful to have pipelines that would be able to push this money to the right groups, so they can improve their quality of life. The idea was to push this money to these groups as mentioned prior, but the issue is that often reality does not reflect this dream. 

“The Return of MetroTech" by Matthew Schuerman reveals ambitious plans to create jobs and provide training for local residents. He explains how this dream quickly became a nightmare for local residents. The local residents were hurt the most in MetroTech's development, and would have caused more problems for them, as thousands of people living around MetroTech were in the "10 poorest Census tracts." The failure to benefit local residents highlights the importance of considering community needs in urban development initiatives. It shows a larger structural issue and how the money isn’t the actual issue but the attitude of the government. Politicians for far too long have had this guise of helping the underprivileged, when in reality, money is essentially being kept from the people who really need it. Economically, the MetroTech project was a huge success and perhaps that is why it highlights the problems of the system.