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THE REAL DEAL --This month in real estate history
February 1, 2014
A look back at some of New York City's biggest real estate stories
1968: Rockefeller proposes $6B urban revitalization plan
New York Gov. Nelson Rockefeller outlined a plan for a new non-profit, public-private corporation that was projected to spend $6 billion or more to redevelop impoverished areas of the state, including New York City, 46 years ago this month.
Rockefeller said the “revolutionary” Urban Development Corporation would have the authority to sell bonds to support the projects, obtain land through eminent domain and circumvent local zoning rules.