David McNew/Getty Images
The development of the mega-project L.A. Live entertainment complex next to Staples Center sports arena in Los Angeles, California.
To the dismay of city officials throughout the state, it looks like redevelopment may get axed in the new Jerry Brown budget for California. Redevelopment projects have helped California’s cites – revitalizing blighted downtowns and creating affordable housing and new shopping centers. But Governor Brown is looking for creative ways to resolve the $28 billion shortfall and something’s gotta go. California currently diverts $5.5 billion in annual property tax revenue to redevelopment, which is why supporters argue this would be a huge windfall for a very needy state. Many city officials, however, argue the statewide elimination of redevelopment projects would crush their ability to attract new business. Would cutting redevelopment funding hinder cities’ ability to attract business? Or is this the right place to find money to fill the substantial budget gap?
Christopher Leinberger, Metropolitan Land Strategist & Developer at the Brookings Institution
Joel Kotkin, Distinguished Presidential Fellow with Chapman University, urban scholar, respected speaker and futurist