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PROFESSIONAL SPORTS, HURRICANE KATRINA, AND THE ECONOMIC REDEVELOPMENT OF NEW ORLEANS
Author(s) -
BAADE ROBERT A.,
MATHESON VICTOR A.
Publication year - 2007
Publication title -
contemporary economic policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.454
H-Index - 49
eISSN - 1465-7287
pISSN - 1074-3529
DOI - 10.1111/j.1465-7287.2007.00075.x
Subject(s) - redevelopment , league , hurricane katrina , amenity , football , basketball , incentive , political science , business , finance , history , economics , geography , natural disaster , law , physics , archaeology , astronomy , meteorology , microeconomics
Hurricane Katrina devastated the city of New Orleans in late August 2005, resulting in damage to much of the city’s sports infrastructure and the departure of both of New Orleans’ major‐league professional sports teams, the National Football League Saints and the National Basketball Association Hornets. What should the city provide in the way of financial accommodation to encourage them to return? This paper suggests that post‐Katrina New Orleans will have a difficult time retaining their franchises over the long run and in attempting to do so may hinder the redevelopment of the city. Furthermore, the very incentives designed to attract teams in the first place leave cities vulnerable to their departure in times of crisis. Finally, playing host to professional sports and mega‐events does have symbolic significance, but it is arguable that this is an amenity the city cannot currently afford. ( JEL H25, H71, H40, L83, Q54)