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Urban economics explains the evolution of Web3. And vice versa. Following the deadly attacks of September 11, 2001, lower Manhattan struggled to attract and retain residents. In 2002, New York State and City established the Lower Manhattan Development Corporation (LMDC) to "help plan and coordinate t...

Urban economics explains the evolution of Web3. And vice versa. Following the deadly attacks of September 11, 2001, lower Manhattan struggled to attract and retain residents. In 2002, New York State and City established the Lower Manhattan Development Corporation (LMDC) to "help plan and coordinate the rebuilding and revitalization" of the area. Among other things, the LMDC launched a Residential Grant Program to "encourage individuals to remain in, or move to" Lower Manhattan and "fuel [its] resurgence." Overall, the LMDC paid $227 million in grants to more than 39,000 households. This included $6,000 and $12,000 to those willing to sign a 1- or 2-year lease in the area. Some are calling on New York to enact a similar program now in order to bring back residents who left the Financial District during COVID.

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