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June 6, 2007

You’re Helping Bruce Ratner Pay His Mortgage

Norman Oder's scoop gets play on NY Magazine's Daily Intelligencer:

Combining the numbers strewn about in various court documents, Oder comes up with a simple and startling detail: More than half of the projected $4 billion funding for Atlantic Yards comes from public sources. The city is in for $205 million, twice the original figure, and the state for $100 million, and just over $2 billion in tax-free bonds will pay for the arena and the affordable housing. Tax-free bonds, as you might point out, are not direct grants. That's true. But they'll allow Ratner to borrow money at very, very low rates. So they're basically a government-issued discount mortgage. Boy, do we feel like chumps, paying all that interest to CitiMortgage.


Posted by lumi at June 6, 2007 10:45 PM