Why Turning Libraries Into Real Estate Deals Isn't The Good Deal Library and City Development Officials Describe

At first blush, many people have accepted what city development and library officials have regularly asserted about the deals launching this city-wide program of converting libraries into real estate deals (or, similarly, "redeveloping" our schools for that matter), that by "unlocking" library real estate development rights with multi-use developments it is a "win-win" proposition that benefits the libraries as well as the developers and real estate industry.

The offer of a free lunch is a tempting thing to hope for, but it doesn't bear scrutiny.  The math, when you do it, simply doesn't work out: It is expensive to tear down existing, frequently recently renovated libraries that the public has already invested substantially in.  When these development ideas are promoted the math goes from initial wishful fantasies, to deliberately obfuscated lack of transparency, to outright mendacious misrepresentation.  If library officials had insisted that the Donnell Library or the Brooklyn Heights Library be fully and completely replaced when they were sold (irrespective or their spaces being shoved underground), the sales would have to be calculated showing deep and obviously absurd public losses. . .

There is also the disruption that affects the public. And, although library and city officials try to skip over the point, when library assets are being divested, the libraries are, in the process, shedding their opportunities for future expansion and to keep pace as the city grows.

Moreover and probably most important, such multi-use development schemes force the libraries to "partner" with powerful private real estate interests that ultimately wind up in the drivers seat, setting the priorities with big checkbooks that bankroll false and misleading PR.  With the moneyed interests throwing their weight around, the public is exposed to bait-and-switch variations.  The Donnell Library sale deal that was described to the press and public when it was announced in no way resembled the deal that was consummated.

For complete information go back to our Citizens Defending Libraries Main Page (or to read through all the content of our Main Page in LONG FORM CLICK)