Looking at New York, I see the area around the Navy Yard, Long Island City, Bushwick, Astoria, and Flushing - all areas that are already undergoing huge amounts of real estate development and are hardly "struggling."

I'm worried that this has good intentions but will have unintended effects; it's entirely possible that turning on a fire hose of money would just wash the existing residents away. While on paper that would improve the income level and whatnot of a census tract, you really just shuffled people around the metro area, most likely to a place with worse access to jobs and stores and whatnot. It's important that we increase housing at a macro level, but we also don't want to strand people by suburbanizing poverty.