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April 15, 2005
Public Subsidies for Dummies or: How I Learned to Stop Worrying and Love Paying for Boondoggles for Billionaires
Did you sleep through Algebra 1? Do the Kim-Peebles and Zimbalist reports make your eyes bleed? Ratner says that the arena will be privately funded -- can it be true? What is a concerned Brooklynite to do?
Though the Memorandum of Understanding was supposed outline the financial structure of the deal it only revealed three hard numbers ($1 for City land and streets, $100 million from the City and $100 million from the State). Even the professionals at NYC's Independent Budget Office are scratching their heads trying to figure out the true cost of Ratner's proposal.
Enter a team of Nobel Prize-winning economists who have laid it out in black in white for the rest of us dummies who, on this day, the 15th of April, are reminded that we are paying for this boondoggle.
Posted by lumi at April 15, 2005 6:18 AM