Buffalo Billion

Buffalo Billion
Project name	Buffalo Billion
Location	Buffalo, New York
Start date	2013
Budget	$1 billion

Buffalo Billion is a New York State-funded economic development initiative aimed at revitalizing the Buffalo, New York region, led by Andrew Cuomo, Governor of New York, and Howard Zemsky, President and CEO of Empire State Development. The initiative involves investments in various projects, including SolarCity at RiverBend, University at Buffalo, and Canisius College. Key partners in the initiative include Empire State Development, New York State Energy Research and Development Authority, and Erie County Industrial Development Agency. The project has been compared to other urban renewal initiatives, such as the Rochester Renaissance and the Syracuse Surge.

Introduction

The Buffalo Billion initiative was launched in 2013 by Andrew Cuomo to stimulate economic growth and job creation in the Buffalo, New York region, which has faced significant economic challenges, including a decline in the manufacturing sector and a loss of population, similar to other Rust Belt cities like Detroit, Michigan and Cleveland, Ohio. The initiative has been supported by various state and local agencies, including Empire State Development, New York State Department of Economic Development, and Erie County Government. The project has also received funding from New York State Legislature and has been endorsed by local leaders, such as Byron Brown, Mayor of Buffalo, and Mark Poloncarz, Erie County Executive. Additionally, the initiative has been influenced by the work of Richard Florida, urban studies expert, and Bruce Katz, urban development specialist.

Background

The Buffalo Billion initiative is part of a broader effort to revitalize the Western New York region, which has faced significant economic challenges, including a decline in the manufacturing sector and a loss of population, similar to other Rust Belt cities like Detroit, Michigan and Cleveland, Ohio. The initiative builds on previous efforts, such as the Buffalo Niagara Enterprise and the Western New York Regional Economic Development Council, which have worked to promote economic development and job creation in the region. The project has also been influenced by the work of Robert Moses, urban planner, and Jane Jacobs, urban studies expert, who have shaped the development of New York City and other urban areas. Furthermore, the initiative has been compared to other urban renewal initiatives, such as the Baltimore Renaissance and the Pittsburgh Renaissance.

Projects and Initiatives

The Buffalo Billion initiative has invested in a range of projects, including the development of SolarCity at RiverBend, a solar panel manufacturing facility that is expected to create over 1,000 jobs, and the expansion of the University at Buffalo, which has received funding for various research and development initiatives, including the New York State Center of Excellence in Bioinformatics and Life Sciences. The initiative has also invested in the development of the Buffalo Niagara Medical Campus, a healthcare and life sciences hub that is home to institutions such as Roswell Park Comprehensive Cancer Center and University at Buffalo School of Medicine and Biomedical Sciences. Additionally, the project has supported the growth of startups and small businesses in the region, through initiatives such as the 43North business plan competition and the Launch NY seed fund, which have been modeled after successful programs in Silicon Valley and Boston, Massachusetts.

Controversies and Criticisms

The Buffalo Billion initiative has faced criticism and controversy, including allegations of corruption and cronyism, particularly with regards to the awarding of contracts and the distribution of funding, which has been compared to other high-profile cases, such as the Moreland Commission and the New York State Senate corruption scandal. The initiative has also been criticized for its lack of transparency and accountability, with some arguing that the project has been overly reliant on tax incentives and subsidies, which have been criticized by experts such as Joseph Stiglitz, economist, and Paul Krugman, Nobel laureate. Furthermore, the project has faced criticism from local community groups, who have argued that the initiative has not done enough to address issues such as poverty and inequality in the region, which have been highlighted by researchers at Harvard University and Massachusetts Institute of Technology.

Investigation and Outcomes

In 2016, the Buffalo Billion initiative was the subject of a federal investigation into allegations of corruption and bid-rigging, which was led by the United States Attorney for the Southern District of New York and the Federal Bureau of Investigation. The investigation resulted in the conviction of several high-ranking officials, including Alain Kaloyeros, former President of the SUNY Polytechnic Institute, and Joseph Percoco, former aide to Andrew Cuomo. The investigation also led to the implementation of new reforms and oversight measures, aimed at increasing transparency and accountability in the initiative, which have been modeled after best practices in California and Texas.

Economic Impact

The Buffalo Billion initiative has had a significant economic impact on the Buffalo, New York region, with investments in various projects and initiatives expected to create thousands of jobs and stimulate economic growth, according to studies by Brookings Institution and Urban Institute. The initiative has also helped to attract new businesses and investment to the region, including companies such as Tesla, Inc. and Panasonic, which have established operations at the RiverBend site, and have been influenced by the work of Elon Musk, entrepreneur, and Masayoshi Son, investor. Additionally, the project has helped to promote the development of innovation hubs and entrepreneurial ecosystems in the region, including the Buffalo Niagara Medical Campus and the University at Buffalo, which have been recognized by organizations such as National Science Foundation and National Institutes of Health. Overall, the Buffalo Billion initiative has played an important role in the economic revitalization of the Western New York region, and has helped to establish Buffalo, New York as a hub for innovation and entrepreneurship, similar to other successful cities like Austin, Texas and Denver, Colorado.

Category:New York State