TABLE OF CONTENTS Chapter 5: Socioeconomic Conditions..................................................................5-1 A. INTRODUCTION..................................................................................................................5-1 1. BACKGROUND/ISSUES ........................................................................................................5-1 2. PRINCIPAL CONCLUSIONS...................................................................................................5-2 a) Residential Displacement ............................................................................................................ 5-2 b) Business and Institutional Displacement ..................................................................................... 5-3 c) Potential Effects on Specific Industries....................................................................................... 5-4 d) Economic Benefits....................................................................................................................... 5-5 e) Corona Yard ................................................................................................................................ 5-8 B. METHODOLOGY.................................................................................................................5-8 1. CEQR OVERVIEW...............................................................................................................5-8 2. ANALYSIS FORMAT AND DATA SOURCES ........................................................................5-10 a) Residential Displacement ...........................................................................................................5-10 b) Business and Institutional Displacement ....................................................................................5-10 c) Potential Adverse Effects on Specific Industries........................................................................5-12 3. PRELIMINARY ASSESSMENT .............................................................................................5-12 a) Residential Displacement ...........................................................................................................5-12 b) Business and Institutional Displacement ....................................................................................5-15 c) Potential Effects on Specific Industries......................................................................................5-18 C. RESIDENTIAL DISPLACEMENT.....................................................................................5-18 1. EXISTING CONDITIONS .....................................................................................................5-18 a) Population and Housing Profiles of Study Areas .......................................................................5-19 b) Population and Housing Profiles of Directly Displaced Population...........................................5-22 2. 2010 FUTURE WITHOUT THE PROPOSED ACTION.............................................................5-26 3. 2010 FUTURE WITH THE PROPOSED ACTION ...................................................................5-28 a) Assessment of Direct Displacement ...........................................................................................5-29 b) Assessment of Indirect Displacement.........................................................................................5-29 4. 2025 FUTURE WITHOUT THE PROPOSED ACTION.............................................................5-31 5. 2025 FUTURE WITH THE PROPOSED ACTION ...................................................................5-32 a) Projected Development Sites......................................................................................................5-32 b) Potential Development Sites.......................................................................................................5-33 c) Assessment of Direct Displacement ...........................................................................................5-33 d) Assessment of Indirect Displacement.........................................................................................5-34 D. BUSINESS AND INSTITUTIONAL DISPLACEMENT...................................................5-35 1. EXISTING CONDITIONS .....................................................................................................5-35 a) Employment and Business Profiles of Study Areas ...................................................................5-35 b) Profiles of Directly Displaced Businesses and Institutions ........................................................5-42 c) Real Estate Market Trends..........................................................................................................5-56 2. 2010 FUTURE WITHOUT THE PROPOSED ACTION.............................................................5-62 a) Primary Study Area (Project Area).............................................................................................5-62 b) Secondary Study Area ................................................................................................................5-64 3. 2010 FUTURE WITH THE PROPOSED ACTION ...................................................................5-65 a) Primary Study Area (Project Area).............................................................................................5-65 b) Secondary Study Area ................................................................................................................5-69 4. 2025 FUTURE WITHOUT THE PROPOSED ACTION.............................................................5-70 a) Primary Study Area (Project Area).............................................................................................5-70 b) Secondary Study Area ................................................................................................................5-71 5. 2025 FUTURE WITH THE PROPOSED ACTION ...................................................................5-71 a) Primary Study Area (Project Area).............................................................................................5-71 E. POTENTIAL EFFECTS ON SPECIFIC INDUSTRIES .....................................................5-76 5-i No. 7 Subway Extension—Hudson Yards Rezoning and Development Program FGEIS 1. INTRODUCTION................................................................................................................. 5-76 2. THE APPAREL INDUSTRY ................................................................................................. 5-76 a) Introduction ............................................................................................................................... 5-76 b) Existing Conditions ................................................................................................................... 5-77 c) 2010 Future Without the Proposed Action ................................................................................ 5-82 d) 2010 Future With the Proposed Action ..................................................................................... 5-83 e) 2025 Future Without the Proposed Action ................................................................................ 5-86 f) 2025 Future With the Proposed Action ..................................................................................... 5-86 3. THEATER INDUSTRY......................................................................................................... 5-89 a) Introduction ............................................................................................................................... 5-89 b) Existing Conditions ................................................................................................................... 5-89 c) 2010 Future Without the Proposed Action ................................................................................ 5-91 d) 2010 Future With the Proposed Action ..................................................................................... 5-92 e) 2025 Future Without the Proposed Action ................................................................................ 5-94 f) 2025 Future With the Proposed Action ..................................................................................... 5-94 F. PROJECTED SOCIOECONOMIC BENEFITS OF THE PROPOSED ACTION ............. 5-96 1. INTRODUCTION................................................................................................................. 5-96 2. CONSTRUCTION PERIOD BENEFITS .................................................................................. 5-97 a) Methodology.............................................................................................................................. 5-97 b) Value of Construction................................................................................................................ 5-97 c) Economic and Fiscal Analysis................................................................................................... 5-99 3. OPERATIONAL BENEFITS................................................................................................ 5-104 a) Overview ................................................................................................................................. 5-104 b) Projected Real Estate Development........................................................................................