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November 21, 2008
NY State Budget Crisis
mole333 via Daily Gotham
Politics blogger mole333 lists re-thinking government-sponsored development projects among his ideas for dealing with New York State's budget crisis. Can you guess the identity of his poster-child for wasteful development schemes?
Sane Development. This state and city has a bad habit of pouring money into ill conceived development projects with little oversight. They do this largely based on promises of affordable housing. Yet there are few guarantees that these promises will ever be carried out. Bruce Ratner is merely the most obvious and egregious example, using his connections and family donations to Pataki, Bloomberg, Vito Lopez, etc. to get massive amounts of tax money from the people of NYC and NY State. Yet he is now saying he will largely back out of all promises regarding affordable housing. In the end, these development projects become more about patronage and political donations than about improving our city, and taxpayer money is wasted with little return for the community. The job creation is anaemic, the affordable housing non-existant or not affordable, and the only people to benefit are the developer and his political cronies. I am for devlopment if it is sane development, and I am for giving tax breaks to developers if they make enforceable promises and are held accountable if they don't keep them. But this habit of giving development projects to a low bidder, paying for his land purchase anyway, pouring tax money into his pockets, then getting nothing out of it is a huge waste of our time and money.
Posted by eric at November 21, 2008 2:17 PM