May 18, 2006
Hevesi Weighs in on Subsidy Reform Debate
By Adrianne Shropshire
Here's something to think about the next time Forest City Ratner claims that its Atlantic Yards proposal would "create" or "provide" 18,000 "new" or not-so-new jobs:
An audit released yesterday by the office of the state comptroller found that 2/3 of Industrial Development Agencies across the state did not meet job creation goals. While this news is not a shocker (NY Jobs with Justice issued a report last week showing that 63% of IDAs give subsidies to companies that cut jobs once they receive tax breaks) it does add a new dimension to the growing calls for subsidy accountability in the state.
Hevesi's report was accompanied by draft legislation that reinforces the kinds of reform measures being pushed by the NY Initiative for Development Accountability.
Posted by lumi at May 18, 2006 8:29 AM