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September 12, 2008

Something is Rotten in (Macombs) Dam Park

Did NYC Officials Deliberately Inflate Land Value of New Yankee Stadium to Turn Public Money into Private Profit?

Democracy Now

Democracy Now co-hosts Amy Goodman and Juan Gonzalez discuss Gonzalez's column in today's Daily News about the shenanigans surrounding the City of New York's over-valuation of the land under the new Yankee Stadium.

And, of course, this is a major issue all around the country, because local governments are spending enormous sums in public subsidies and federally backed—federal tax-exempt bonds to create these huge stadium complexes. Here in New York alone, the Yankees have a stadium, a new stadium; the Mets are building a new stadium; the developer Bruce Ratner wants to build a new Nets arena. Across the river in New Jersey, the Giants and the Jets are building new stadiums. Minnesota, Washington—you go to any major city in America, they’re building new stadiums using huge amounts of public subsidies, and there are questionable practices, I think, in many of these cities as to how government officials are aiding these efforts.

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NoLandGrab: Rep. Dennis Kucinich (D-OH) will chair a Congressional hearing next week probing the financing of the new Yankee Stadium and the Mets' Citifield — and Bruce Ratner's planned Barclays Center arena.

Posted by eric at September 12, 2008 2:39 PM