« Domain bill loses ground | Main | Developers abandoning condo deals »

December 15, 2006

Stepford editorialists repeat the $5.6 billion lie

BoroughofStepford.jpgAtlantic Yards Report

Call them the Stepford editorialists, quoting the same new, unverifiable, and outlandish Atlantic Yards statistic, undoubtedly supplied by developer Forest City Ratner: $5.6 billion in new tax revenue.

The Daily News, in a 12/10/06 editorial:
The benefits of the Atlantic Yards are manifest, among them 2,500 apartments geared for the middle and working classes, $5.6 billion in tax revenues over the next 30 years, 15,000 construction jobs, a couple of thousand permanent jobs and a great entertainment venue for Brooklyn. It's a win-win-win.

The Post, in a 12/14/06 editorial:
Imagine: a $4 billion shot in the arm for Brooklyn - bringing 22,000 new jobs over the next decade, another 5,000 permanent jobs and $5.6 billion in tax revenues over 30 years.

Assemblyman Steven Cymbrowitz, in a 12/14/06 op-ed in the Courier-Life chain:
Atlantic Yards will be a huge tax revenue generator providing New York City and New York State with over $5.6 billion in much needed new tax income over the next 30 years, and creating a net positive fiscal impact of more then $1.3 billion.
It's too bad none of those editorialists noticed the Empire State Development Corporation's (ESDC) figure of $944 million, which is drastically lower than the numbers used in the Daily News and Post, and even a good deal lower than the figure Cymbrowitz chose.


Posted by lumi at December 15, 2006 8:20 AM