In late 2008, Monserrate opposed Mayor Bloomberg's planned use of eminent domain in the $4 billion Willets Point Redevelopment project in Queens. The long-term project aimed to clear the industrial area, clear up pollution, and develop a hotel and convention center. However, it was initially opposed by a majority of the existing business owners. Monserrate changed his mind and supported the development after being assured that one-third of the housing would be "affordable" and that the city would offer businesses an opportunity to relocate. He told reporters the compromise showed that government "can be fair and still do good economic development".