Sights Unseen

From OpinionJournal.com comes a comment on what's going on--or rather, what isn't going on--at the site of the former World Trade Center. It's a pit, and likely to stay a pit.

What "sights unseen" refers to is Frederic Bastiat's observation that sometimes what you don't see is the most important thing. In this case, that would be all the economic activity that could be taking place at the site, and the revenues that would otherwise flow to the city and the Port Authority.

The author of this plece suggests that those who have a stake in the site are stuck with it and can't take their marbles elsewhere. These include Larry Silverstein, who had bought the primary leasehold on the World Trade Center right before those nineteen hashshasheen knocked it down. So now he has a leasehold on nothing, and would love to rebuild--but what? I wouldn't count on him waiting forever. He might just sell his leasehold right back--even if he has to sell at a loss--and move on to another project. If and when that happens, New York will have only itself to blame.