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March 30, 2007
Heads in the Sand
The failure of Atlantic Yards developer Bruce Ratner to submit financial projections for the project leads to several questions.
From Develop Don't Destroy Brooklyn:
Does anyone who approved this project, for which the government intends to use the awesome power of eminent domain, even know if it's financially viable? Does anyone in Albany or in City Hall have any idea how Ratner's potential profit compares to the public's meager return? Does anyone know if Ratner might pull the plug on Phase Two if he makes all his money on Phase One? Apparently not.
Would a bank give you a small business loan (let alone hundreds of millions in taxpayer subsidies) if you didn't show them a business plan?
NoLandGrab: Since the answer to all of the above is an unequivocal "NOT," the next question is "Why?" [And don't say, "Because we like you."]
Posted by lumi at March 30, 2007 11:12 AM