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September 16, 2005

Nets double up

"Go Brooklyn!" says the Daily News editorial board in regards to the deal just struck between Ratner and the MTA.

On the surface, Ratner's payment looks smaller than the rival $150 million bid from Extell Development, but he also is investing another quarter-billion in MTA facilities. In addition, he's building that arena and far more apartments than Extell would. So even with the city and state chipping in $100 million each for infrastructure, the complex to rise at Flatbush and Atlantic Aves. will actually make money for the public by producing new tax revenues.

You can e-mail the Daily News editors at voicers@edit.nydailynews.com.


NoLandGrab: What do you expect from a paper owned by a real estate developer?

The figures from the Independent Budget Office report that show Ratner's project making money for the public hinges upon 50% of the current Nets fans base to come to games in Brooklyn. Current Jersey fans have intimated that figure is pure fantasy.

Also, the News fails to take into account that the Extell bid doesn't propose as much housing because they aren't going to use EMINENT DOMAIN to take private property. The New York press corps is way behind the rest of the nation on this issue, and it's not just a liberal-vs.-conservative thing. The fight against eminent domain abuse has crossed ideological lines and, like abortion, has become a bell-weather issue for legislatures and courts nationwide.

Posted by lumi at September 16, 2005 7:21 AM