It could happen here

There is a new recovery plan for New Orleans that is smaller and more realistic than all the other ones . The funding for it is possible, but the money is not a sure thing. The biggest chunk, $324 million, depends on Congress’s agreeing to waive Louisiana’s share of federally financed disaster recovery projects. President Bush is against forgiving this 10 percent match, which is mandated under the law, but the idea of a waiver — as was provided to New York after the Sept. 11 attacks and to Florida after Hurricane Andrew — has strong support in Congress. One wonders if Bush really wants New Orleans to recover. The federal money he promised has just begun to trickle in, 19 months after he promised it. The longer we wait the harder and less likely recovery is and Bush is making us wait. Its hard to distinguish between intention and incompetence in his behavior.

The new recovery plan is appealing. It centers recovery on old markets, on which the city was built in the first place. The plan mixes incentives for private investment with public works such as libraries and clinics.

Condo development has taken off here. Donald Trump is building one of several large towers for condo/hotel/apartment/retail use. Existing buildings are being converted into condo use at an amazing pace. Where are the buyers? The real estate market here is fairly flat now.

We have been promised a boom in New Orleans and maybe the new plan will stimulate it. Maybe the trickle of federal money will turn into a stream. The city has the potential to turn into a boom town. Then all the condos would be filled and the city would spring back to life.

It could happen.