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July 2, 2009
The Times low-balls the total subsidies and tax breaks for Atlantic Yards
Atlantic Yards Report
The NY Times head real estate reporter Charles V. Bagli totally lowballed the amount of public subsidies for Bruce Ratner's subsidy-sucking Atlantic Yards megaproject. In his article yesterday he had it at $300M. Imagine his surprise when he finds out that the direct cash subsidy is already at $305M, and that's ignoring an ever-growing list of tax breaks, affordable-housing subsidies, brownfield clean-up funds, and the naming rights contract for the "publicly owned arena."
The real figure is one of the great mysteries of Atlantic Yards and is predicted to be headed towards the billions.
Norman Oder thinks that Bagli and the Times can do better:
I know the $300 million was not the focus of the article. Still, such a sloppy estimate reinforces my argument that the Times should consistently disclose its parent company's business relationship with Forest City Ratner.
Such disclosure should--though I can't say it does--prompt reporters and editors to be more exacting in their coverage.
Posted by lumi at July 2, 2009 6:47 AM