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December 10, 2007

AY won’t “touch the existing tax base”? Ratner's claim soon contradicted

Atlantic Yards Report's anniversary card to the project looks at one of the original deceptions perpetrated by Bruce Ratner and Atlantic Yards supporters:

On the fourth anniversary of the announcement of the Atlantic Yards project, a look at a dubious economic claim.

We now know that Atlantic Yards would involve hundreds of millions of dollars in direct subsidies and public costs, and possibly much, much more. And we know developer Forest City Ratner always claimed the project would be “primarily privately funded.”

Less known, however, is that Forest City Ratner CEO Bruce Ratner initially went even farther, claiming that Atlantic Yards would “not touch the existing tax base.” That has since been clearly contradicted. But he's never been called to account for it.

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Posted by lumi at December 10, 2007 7:09 AM