In part two of my debunking of overinflated economic impact studies, I examine the claims that New York City will see an influx of tourist spending as a result of the “Waterfalls” public art exhibit:

I was riding the B train across the Manhattan Bridge recently when an especially civic-minded conductor thought to point out Olafur Eliasson’s “Waterfalls” art installations visible out either window. One passenger near me got up to take a peek, then sat back down, shaking her head: “It looks like the Brooklyn Bridge sprung a leak.”

That seems the popular verdict on the $15 million project (mostly funded by private donations, though the joint city-state-run Lower Manhattan Development Corporation kicked in $2 million): This is a waterfall?… [read more]