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January 31, 2007
Atlantic Yards: Now Twice As Expensive (for the City)
New York Magazine political reporter Chris Smith explains how Bloomberg just doubled the City's direct cash subsidy public assistance for his pal Bruce:
Turns out Mayor Mike — in between doling out tax breaks like the Republican he purports to be and money for the arts like the Democrat we know he secretly is — hasn't forgotten his pal Bruce Ratner. He is doubling the city's direct subsidy to the Atlantic Yards megaproject. Yup, City Hall is now set to kick $205 million across the Manhattan Bridge; for context, that's more than 5 percent of New York's overall budget surplus.
...
Here's how: The funding is for "infrastructure improvements" that are supposedly independent of the construction. They just happen to be, um, concurrent with it.
Posted by lumi at January 31, 2007 8:49 AM