Yesterday, Mayor Bloomberg announced that that the city would be raking in $70 billion from tourists four years from now, as the administration and NYC & Company continue to ramp up tourism to the city. Spending last year amounted to $32.5 billion, and $48.5 billion in economic impact, from a record 50.5 million tourists.
This got The Observer thinking, and, as often happens when we get to thinking, we we got to worrying.
At current rates, wouldn’t it take, given diminishing returns, another 25 million tourists or so to reach the target spending levels by 2015? Think Times Square and the Brooklyn Bridge are bad now? Imagine them 50 percent more crowded. Oh, the humanity. (There would certainly be a lot of humanity around.)
But it turns out we had it backwards. This is not a case of diminishing returns but compounding ones. Read More