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February 27, 2008

Yassky come lately on AY costs, which still need a thorough accounting

Atlantic Yards Report

When it comes to Atlantic Yards, David Yassky has been talking tougher lately, especially since he is term-limited out of his City Council seat and is running for Comptroller.

Frequently described as wishy-washy, what has been his stand on Atlantic Yards and what does he want now?

Yassky did not raise the issue of AY subsidies in his comments during the Atlantic Yards approval process. In his 8/23/06 letter to the Empire State Development Corporation, he expressed "grave concerns" and requested "substantial changes," but those regarded the size of the buildings and plans for traffic and transit.
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When Yassky ran for Congress that summer, he tried to steer $3 million in job-training funds to AY Community Benefits Agreement signatory BUILD. He took a distinctly moderate position, refraining from bringing up issues like corporate welfare, while rival Chris Owens needled him for not asking tough questions.
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Among the tactics he recommends in an article in this week's Gotham Gazette is ending corporate tax loopholes:

Of course, the single biggest example of corporate welfare is the proposed Atlantic Yards development. The Bloomberg administration has agreed to give the project's developer at least $100 million in direct subsidies, plus another $400 million to $500 million in tax breaks. In the current financial climate, this handout is impossible to justify.
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Would the total in tax breaks be $500 million, as Yassky says, and the total in government benefit be $3 billion, as Develop Don't Destroy Brooklyn suggests (right)?

Well, it depends how you do the math.
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There's still a significant need for a government-sponsored, fully-vetted effort to analyze Atlantic Yards costs and benefits. Maybe Yassky, or even fellow Comptroller candidate Jim Brennan--who's pushed to get Atlantic Yards financial information but hasn't made AY a rhetorical centerpiece of his candidacy--can put the issue on the agenda.

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Posted by lumi at February 27, 2008 6:32 AM