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April 15, 2008
Billions of Bucks for Bruce
Yesterday, the NY Post published an article that tried to analyze the full cost to the public of Bruce Ratner's controversial Atlantic Yards land grab.
Local coverage of the story:
www.dddb.net, Ratner's Corporate Welfare
From Develop Don't Destroy Brooklyn:
It's not quite news that Ratner's Atlantic Yards proposal is a big burden on city and state taxpayers by way of direct subsidies, breaks and government-backed financing.
The Brooklyn Paper, BREAKING NEWS: Post reports Ratner’s Yards subsidies at $2.1 billion!
Monday’s New York Post reported a story that is quite familiar to Brooklyn Paper readers: That Bruce Ratner’s $4-billion Atlantic Yards project is floating on more than $2.1 billion in taxpayer subsidies.
The Post story followed up The Brooklyn Paper, which reported this week that Ratner is about to ask for more subsidies in light of his recent admission that the project is in trouble.
Brownstoner, You Pay and the Nets Will Play
Forest City Ratner is poised to get $2,157,260,000 in tax subsidies for Atlantic Yards, according to an article in this morning's Post, but even that may not be enough dough from public coffers.
From the comments:
Wow, no kidding, a zero risk sweetheart deal for the developer? Really?
Curbed, Atlantic Yards Math: Will Half of $4B Cost Be Paid by Public?
The subject of how much Atlantic Yards will cost the public has always been a political football. Supporters have said the support would be modest. Opponents have argued that taxpayers would get taken to the cleaners. Today, Rich Calder takes a swipe at the topic in the Post and finds that the project is "boosted by so many sweetheart deals that the public stands to pay for more than half the cost of his controversial $4 billion plan."
Posted by lumi at April 15, 2008 5:08 AM