Now it seems like plans for Allston, along with many other things, are being reconsidered by Harvard. In a letter to the Harvard community, Faust writes that:
While we can hope that markets will improve, we need to be prepared to absorb unprecedented endowment losses and plan for a period of greater financial constraint...
We have to think not just about what more we might wish to do, but what we might do at a different pace or do without. Tradeoffs and hard choices that can be avoided in times of plenty cannot be averted now. And, given the ongoing volatility and uncertainty, we need to plan and budget with a range of contingencies in view, including scenarios for reducing our spending both this year and next....
We are assessing all aspects of our ambitious capital planning program, including the phasing and development of our campus in Allston.
A construction slow-down in Allston is really the last thing that Allston needs. We need Harvard to build, not just anything and certainly not a campus physically, socially, or economically isolated from the rest of Allston. The "no-build" scenario that leaves Allston what we have had for the last decade - Harvard's unattractive, empty, and under-utilized buildings throughout our neighborhood - is hopefully one that will not continue to be our reality for much longer.
“Harvard Is Not Invulnerable” to Shocks: Faust’s Sober Financial Message : Harvard Magazine
Harvard seeking spending cuts to weather downturn - The Boston Globe