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August 8, 2008
Atlantic Yards IS Too Costly
The folks at Develop Don't Destroy Brooklyn (www.dddb.net) agree with Governor Paterson, who recently stated in an interview on WCBS, "if [Atlantic Yards] starts to become too costly, a lot of these projects that we were for, we might have to change our mind."
However, after a quick tally, the group argues "that we are there with Atlantic Yards and have been for quite a while":
Though the NY Post's $2 billion in government back financing is debatable, the developer claimed three years ago that the public investment in the project would be $1.1 billion. Either figure is too costly considering neither the city or state have shown that there would be a meaningful financial return for the taxpayers—especially seeing as how Ratner has provided the public and government with no confidence whatsoever that the project can be built.
Posted by lumi at August 8, 2008 3:36 AM