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
Given the scope and depth of the current financial crisis, I anticipate a drastically different approach from our neighbor across the river.
ReplyDeleteI agree that Allston will lose out if Harvard slows down. I also deeply regret that we as a community have sometimes aggravated the efforts Harvard wanted to make.
ReplyDeleteI don't know about everyone else, but that old "art warehouse" plan doesn't look so bad at the moment, especially compared the alternative we face now that Harvard's less willing to build -- the alternative being nothing at all.
I'd take an "art warehouse" over nothing -- but then, we no longer have that choice, do we?
A Harvard MOUTH PIECE.
ReplyDeleteBUG OFF IDIOT!!!!
WE ARE BETTER OFF WITH THEM BACK IN CAMBRIDGE.
THEY ARE JUST TRYING TO SCARE EVERYBODY, I HOPE THEY LOOSE MOST OF THEIR ENDOWMENT.
I am not a "Harvard Mouthpiece." I am a property owner in Allston near Harvard's properties and want to see their investment in our neighborhood succeed.
ReplyDeleteSo no -- I will not bug off.
Also, why would anyone want Harvard to "loose" (sic) most of their endowment?" Don't we want their money flowing to local businesses? Unless you'd rather see them suffer than see us all succeed?
I suppose it's possible to be that spiteful and short-sighted, but really -- I'M the idiot?? Please.