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September 9, 2007
Stadium Scams
CBS News (Weekly Standard)
By Duncan Currie
Still, the resistance to "sports welfare" can be fierce. In Brooklyn, for example, local residents have howled about the planned exercise of eminent domain to build the Nets a new basketball arena. This has prompted a messy legal battle, with opponents of the $4 billion Atlantic Yards project angrily denouncing Nets principal owner (and real estate tycoon) Bruce Ratner, whose firm Forest City Ratner is the developer. Several affected property owners have filed a lawsuit challenging the proposed use of eminent domain. A federal district judge ruled against them in June, but the plaintiffs are appealing.Like any good sports mogul, Ratner insists his Atlantic Yards development will provide an economic boon to the city. In time, he may be proved correct. But the historical evidence suggests that new stadiums and arenas rarely deliver the type of revenue gains and job growth that is expected.
Posted by amy at September 9, 2007 10:37 AM