Source: NYT > Business
Bard College’s sudden acquisition of $82 million in Hudson properties reveals how educational institutions are increasingly operating as real estate operators—a mission creep that raises questions about nonprofit accountability and whether schools have the expertise to develop communities responsibly. The vagueness around Bard’s actual plans suggests this is less about educational mission and more about tax-advantaged asset accumulation, a pattern that’s reshaping small-town economies as colleges become de facto developers. This signals a broader erosion of nonprofit-public trust, where opacity around major institutional moves in communities threatens the legitimacy of tax-exempt status.