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January 25, 2008
Bloomberg's Budget Cuts
Develop Don't Destroy Brooklyn
These two items make the point that the sweetheart deal made with developer Bruce Ratner looks particularly foolish when the economy calls for belt-tightening.
Mayor Bloomberg proposes key service cuts and cutting $180 million from the Department of Education while handing over $205 million in direct cash subsidy to Forest City Ratner's Atlantic Yards project, as well as a blank check from city taxpayers for "extraordinary infrastructure costs."
Will the Council go for it?
Bloomberg: Economy is Highly Volatile
Bloomberg Proposes Budget Cuts Across City Agencies NY Times City Room Blog
...“No boom goes on indefinitely today,” the mayor said in a noontime news conference in the Blue Room at City Hall. “I think it’s fair to say that both the national and international economies are in a state of high volatility.”...
The Knickerblogger comments (correctly):
Yeah, Bloomberg, great time for the city and state to subsidize a billionaire developer with a poor track record's ill conceived attempt to build a highly speculative, poorly designed luxury condo/stripmall/arena complex.
Posted by steve at January 25, 2008 4:30 AM