The Round-Up: Wednesday

As New York State’s budget gap balloons to a projected $47 billion over the next three and a half years, Paterson seeks federal assistance. [NY Times]

In a controversial new plan, the city would offer 8,400 units at 21 of its public housing developments to New Yorkers with Section 8 vouchers. [NY Times]

State officials arrest 126 New Yorkers for unemployment fraud as part of a larger enforcement effort. [NY Times]

Most East Harlem residents are pleased about the arrival of the new Hunter College School of Social Work, though, of course, not those who will have to move to make way for the building. [NY Times]

Housing Authority to pump $112 million into its elevator systems over the next five years. [NY Times]

With lenders writing off $21 billion in bad credit already this year, a nationwide credit card crisis looms. [NY Times]

What $700,000 gets you. [NY Times]

Construction at Brooklyn Bridge Park to finally start next month. [NYDN]

City abandons Far Rockaway to a flood of crime and violence. [NYDN]

Bronx organizers make planes for an ambitious, $25 million “Yes The Bronx” Observation Tower. [NYDN]

New report shows that a third of NYC’s public school students study in overcrowded classrooms. [NYDN]

Between the Bricks: Two neighboring hotels—the highly-successful W New York Tuscany and W New York Court—along East 39th Street hit the market for around $150 million; a tough real estate market means SL Green’s 485 Lexington Avenue remains off the market. [NY Post]

The state Department of Taxation and Finance seizes Nello Balan’s much-feted UES restaurant over $1.8 million in unpaid back taxes. [NY Post]

Home prices in ten metropolitan areas dropped a record 17.7 percent in August from last year’s prices. [WSJ]

The Round-Up: Wednesday