United States

Poor NYC neighborhoods a big lure for investors

New York City may be on the cusp of a new multibillion-dollar investment boom. A gold mine of prospective opportunities is slowly luring capital into some of the city’s poorest neighborhoods. It’s because of a new law promising substantial tax breaks for rich investors in these communities, and potential upside for the local residents: thousands of new, well-paid jobs and improved infrastructure. “Without a doubt, my guess is that there are billions of dollars of investments that could be made in New York,” said investor Jim White, chief executive of Scottsdale, Arizona-based PHT Opportunity Fund. White just opened an office in Greenwich, Connecticut, to supervise his foray into this market. “There is so much opportunity wa ...