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May 9, 2007
Report: City gave breaks to firms that cut jobs
Metro NY By Patrick Arden
Bruce Ratner's MetroTech received public assistance based on the promise of creating jobs. Wanna know what really happened?
At least 22 percent of companies that got tax breaks from the city in 2005 have cut their work forces, said a study released yesterday by New York Jobs With Justice.
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In one example, the city IDA granted $212 million in assistance to JP Morgan Chase in 1989, in part to build 3 and 4 Metrotech in Brooklyn. Security guards there make as little as $17,680 a year. Due to a series of mergers and acquisitions between 1995 and 2004, the company laid off 13,000 workers, but it will continue to claim tax exemptions through 2014.An IDA spokesperson said the Bloomberg administration has been restructuring deals that haven’t lived up to their promises.
NoLandGrab: Meanwhile, the Mayor is giving Bruce Ratner $205 million for Atlantic Yards and that's just for starters.
Posted by lumi at May 9, 2007 9:47 AM