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Untitled [David LA Gordon on the City Builders: Property Susan S. Fainstein. The City Builders: Property Development in New York and London, 1980-2000. Second edition. Studies in Government and Public Policy. Lawrence: University Press of Kansas, 2001. xv + 310 pp. $40.00, cloth, ISBN 978-0-7006-1132-4. Reviewed by David L. A. Gordon Published on H-Urban (June, 2002) During the period when the frst edition of projects rebounded in the boom real estate mar‐ Susan Fainstein's acclaimed book was published ket of the late 1990s. in 1994, it was perhaps too easy to criticize public- Research Method private partnerships for urban redevelopment.[1] Three pairs of parallel case studies are the Most projects had collapsed during the early core of the book's research: -- Manhattan's Times 1990s recession, some leaving high profile bank‐ Square and London's Kings Cross, as central busi‐ ruptcies like Canary Wharf in London or stalled ness district redevelopments -- Brooklyn's Metro projects like New York's Times Square. It would Tech and Tower Hamlet's Spitalfields as peripher‐ have been easy to conclude that the policy was as al centers -- Manhattan's Battery Park City and the bankrupt as the developers, based on the evi‐ London Docklands for "creating a new address." dence at hand: missed deadlines, broken prom‐ ises, vacant lots, empty buildings, insolvent devel‐ The case studies are presented in some detail, opers. QED. However, Fainstein, a professor of ur‐ based upon over 100 off-the-record interviews ban studies at Rutgers University, probably sur‐ with developers, planners, politicians, and citizen prised some of her radical colleagues by steering leaders. Secondary sources such as newspaper ar‐ away from a general condemnation of public-pri‐ ticles, planning reports, and academic journal ar‐ vate partnerships and arguing that they might be ticles supplement the interviews. The compara‐ appropriate in some circumstances. Given the di‐ tive case study approach was successfully used in rection of post-structuralist evaluation of develop‐ the past in Altshuler's The City Planning Process ment in the early 1990s, Fainstein's study of New (1965), Savitch's Post-Industrial Cities (1986), and York and London broke new ground in the radical Frieden & Sagalyn's Downtown Inc. (1989).[3] critique of urbanism in capitalist societies.[2] Her However, Fainstein relies rather heavily on New more nuanced conclusions held up fairly well af‐ York Times and Economist articles for the fnan‐ ter Times Square, Canary Wharf, and other cial aspects of real estate development. Critical el‐ ements of the deals, such as risk-sharing arrange‐ H-Net Reviews ments, are often buried in the details. Financial buildings do no harm (1994:74). Of course, with strategy is best reviewed from primary sources the benefit of hindsight, the second edition can re‐ like legal agreements, a bond prospectus, or agen‐ port that the early 1990s were a rather severe cy records, as demonstrated in Lynne Sagalyn's trough and the low-priced vacant space contrib‐ deep analysis in Downtown Inc. and Times Square uted to the recent boom (p. 78). These observa‐ Roulette (2001).[4] Fainstein's text is supplement‐ tions on developer behavior and market cycles ed by a few basic statistical tables in an appendix, are commonplace in real estate development lit‐ but these are used sparingly. The book's argument erature, but Fainstein's innovation was to inte‐ rests on solid qualitative research, with the inter‐ grate them into the urban critique.[6] The revi‐ views and texts updated in 1999-2000. sions to explain the late 1990s boom have made Structure and Content the chapter a more balanced discussion. The London and New York case studies are The following pair of chapters provides the presented in four chapters in the middle of the political and planning context for the case studies. book. The cases are preceded by fve introductory "Policy and Politics" is a brief history of New York chapters on theory and context and followed by and London urban politics in the last third of the two chapters with conclusions and recommenda‐ twentieth century. Political fortunes cycle just as tions. The introduction describes the research strongly as real estate markets, with national po‐ methods and provides a general platform of polit‐ litical control passing back to Tony Blair's Labour ical-economic theory for urban redevelopment. A Party in 1997 after eighteen years of Conservative 1994 appendix surveying theoretical controver‐ rule, and to the Clinton Administration in Wash‐ sies has been incorporated in the frst chapter of ington after twelve years of the Republican the second edition, making it more useful as an regime. At the local level, Fainstein brings the ac‐ introductory reading for an advanced undergrad‐ count up to date with the Giuliani administration uate or graduate course in urban politics. The in New York and the frst tentative steps of the re- next two chapters discuss real-estate development established London metropolitan government af‐ from the perspective of political economy. "The ter its abolition by Thatcher in 1986. Development Industry and Urban Redevelop‐ "Economic Development Planning Strategies" ment" situates the London and New York property describes how the American and British urban industry within the context of global cities, draw‐ planning systems converged on a strategy of pub‐ ing upon Sassen and Castells' work.[5] Fainstein lic-private partnerships for economic develop‐ describes the general effects of the 1980 boom, the ment in the 1980s, despite widely differing start‐ early 1990 bust, and the late 1990s revival in Lon‐ ing points. London's Labour boroughs fercely op‐ don and New York, focusing mainly on the local posed the initiatives of the national Conservative office markets. government in the 1980s, and New York's neigh‐ In the "Markets, Decision-Makers and the bourhoods often resisted the initiatives of its pri‐ Real-Estate Cycle" chapter, she discusses the vate developers and public urban redevelopment boom-and-bust cycle, trying to establish why it agencies. However, at the end of the 1990s, happened in each city. The 1994 edition went to Fainstein fnds policy diverging again, as Blair's press at the nadir of the bust, and she was not government did not abandon public-private part‐ sure whether this was a permanent structural nerships, but merely continued to expand the so‐ change in the office market or whether we were cial considerations to the process added in John just at the low point of the cycle. Fainstein cited Major's Tory regime. Meanwhile, the Clinton ad‐ counter-arguments that perhaps empty office ministration and the Republican Congress provid‐ 2 H-Net Reviews ed less urban assistance than the progressives ex‐ tract to a partnership of National Freight (a priva‐ pected, and Giuliani's priorities seemed to lie with tized rail company) and Rosehaugh Stanhope, de‐ law enforcement and away from neighbourhood velopers of the successful Broadgate project at revitalization. Of course, New York's urban rede‐ Liverpool Street Station. Over fve million square velopment agenda changed abruptly again as the feet of offices were proposed for the site, which second edition of the book was released in Sep‐ was expected to become the terminus of the Chan‐ tember 2001. The City is likely to be even more fo‐ nel tunnel train. Camden council opposed the cused on central business district redevelopment scale of the project and bargained for social hous‐ following the destruction of the World Trade Cen‐ ing, worker training, and other benefits. The ter. whole project stalled with uncertainty over the The Case Studies: King's Cross and Times Channel tunnel terminus and the early 1990s de‐ Square cline of the London office market. Rosehaugh Stanhope collapsed, and a new King's Cross Part‐ Much of the early descriptive material in the nership emerged with public and private stake‐ six case studies has remained the same between holders. They received government funds for the two editions, but the author has brought each small-scale social housing, training, and service case up to date to the end of the year 2000. In initiatives, while some commercial development 1994 Fainstein seemed to judge only Brooklyn's and railway terminus are still on hold. MetroTech as a clear success, with qualified praise for Manhattan's Battery Park City, which Times Square had an even higher-profile site was then stalled. New York's Times Square and than King's Cross, but was similarly stalled in London's King's Cross, Spitalfields, and Canary 1994. The "Crossroads of the World" was in terri‐ Wharf appeared to be failures, if not candidates ble shape in the 1980s, inundated with pornogra‐ for a new edition of Peter Hall's Great Planning phy shops, adult cinemas, prostitutes, drug deal‐ Disasters.[7] ers, and a serious crime problem. A 1981 plan by architects Philip Johnson and John Burgee col‐ After six years of growth and with more hind‐ lapsed despite the deep pockets of the Prudential sight, we can see that Battery Park City, Times Insurance Company in the development partner‐ Square, and Canary Wharf now appear successful ship. The 13-acre project was brought to its knees on their own terms, and the other two London by a continuous series of lawsuits fled by proper‐ projects have made substantial progress. The au‐ ty owners and a coalition of civic groups con‐ thor clearly has some explaining to do, but fortu‐ cerned with urban-design issues. A new plan ap‐ nately her qualified consideration of the benefits peared to be going nowhere in 1994, with vacant and disbenefits of the projects in 1994 left some lots and buildings emptied of their tenants follow‐ room for revision. While King's Cross and Times ing expropriation by the redevelopment agency.
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