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November 28, 2008
MTA: No fare hikes or service cuts!
New York State Communist Party
Better Red than in the red, or something like that. NY's Communist Party has a prescription for fixing the MTA's budget woes, and it starts with Atlantic Yards.
The MTA’s operating and capital investment budgets must not only be funded, but expanded. This is not impossible, even in the current financial environment. First, the MTA must not waste money through sweetheart deals with big developers. A colossal amount of money was wasted when the MTA agreed to sell air rights to the Atlantic Yards to Forest City Ratner for $50 million, though the independently assessed value was as high as $900 million. Even when another firm offered a higher bid, the MTA chose to go with Forest City Ratner. Other projects, like the proposed extension of the 7 subway line, which is essentially a multi-billion dollar gift to the developers, could be postponed.
NoLandGrab: The CP's sentiment is correct, but its numbers are a bit off. The MTA has agreed to sell the Vanderbilt Yard (the land itself, not the air rights) to Forest City Ratner for $100 million, and we're not sure we ever recall seeing an independent appraisal of $900 million — although the MTA's own appraiser thought the land was worth more than twice the agreed-upon price.
Posted by eric at November 28, 2008 10:07 AM