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October 10, 2009
Andrew Zimbalist, 2005: "Thus, the ultimate public contribution may rise above the $200 million level" It stands as one of the most willfully naive statements in the Atlantic Yards saga.
Atlantic Yards Report
Of the many deceptions involved in promotion of the proposed Atlantic Yards project, is how much taxpayers are subsidizing this land grab. The ESDC, the tool of developer Bruce Ratner, continues to make outrageous claims about the benefits of the project, but always manages to avoid mentioning the costs.
This blog entry follows the history of a ruse.
It stands as one of the most willfully naive statements in the Atlantic Yards saga.
Forest City Ratner's "sports economist for hire," Andrew Zimbalist, once said that the direct subsidies would be $200 million but allowed, "Thus, the ultimate public contribution may rise above the $200 million level."
Ya think?
...
Consider that the New York City Independent Budget Office, looking only at the arena and not at housing (and other) subsidies, concluded in September that there would be $260.7 million in city and state capital contributions and $13 million in lost existing property taxes, adding up to $273.7 million in losses to the budget.
Beyond that, the IBO estimated $180.5 million in lost opportunity costs for the city, $38.4 million for the state and MTA, and $193.9 million for federal taxpayers.
And that's without even considering the bestowal of naming rights, which would bring a reported $400 million. And there's a whole lot more.
Posted by steve at October 10, 2009 7:51 AM