This[[Hudson Yards (development)|Hudson Yards]] project is also the US's largest project to ever be financed by TIF ([[tax increment financing]]) subsidies. It did not require voter approval, nor did it have to go through the city's traditional budgeting process. Rather, the project is financed by future property taxes and the [[EB-5 visa|EB-5 Visa]] Program.<ref name=":4" /> This program provides VISAs to overseas investors in exchange for placing a minimum of $500,000 into US real estate.<ref>{{Cite news |date=2019-04-12 |title=The Worst Thing About Hudson Yards Isn't the Architecture |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards |access-date=2023-11-09}}</ref>▼
[[Hudson Yards (development)|Hudson Yards]] is the largest private real estate development in the history of the United States.<ref name=":7">{{Cite web|date=2021-04-30|title=COVID-19 Pandemic Accelerates Mixed-Use Development Trends|url=https://www.beckgroup.com/beck-think/covid-19-accelerates-mixed-use-trends/|access-date=2021-11-11|website=The Beck Group|language=en-US}}</ref> The project commenced in 2005 when the [[New York City Council]] approved the rezoning of the district from low-density manufacturing to high-density mixed use.<ref name=":4" /> The once deteriorated piers, located on the West Side of Midtown, are being refashioned into commercial office space, a mix of affordable and luxury housing, restaurants and retail space, a high-end [[Equinox Group|Equinox]] hotel and fitness center, and multiple public parks. Set to be completed in 2024, the development is expected to accommodate 125,000 workers, visitors, and residents daily.<ref name=":7" /> [[The Related Companies|Related Companies]] and [[Oxford Properties]] are the primary developers on this plan.<ref name=":7" />
▲This project is also the US's largest project to ever be financed by TIF ([[tax increment financing]]) subsidies. It did not require voter approval, nor did it have to go through the city's traditional budgeting process. Rather, the project is financed by future property taxes and the [[EB-5 visa|EB-5 Visa]] Program.<ref name=":4" /> This program provides VISAs to overseas investors in exchange for placing a minimum of $500,000 into US real estate.<ref>{{Cite news |date=2019-04-12 |title=The Worst Thing About Hudson Yards Isn't the Architecture |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards |access-date=2023-11-09}}</ref>
