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December 27, 2009
Bloomberg excited over money-losing project
Queens Crap
Mayor Bloomberg continues to ignore the cost-benefit analysis of the proposed Nets arena done by the City of New York Independent Budget Office (IBO).
From Atlantic Yards Report:
A statement from the mayor:
STATEMENT OF MAYOR MICHAEL R. BLOOMBERG ON PROGRESS OF ATLANTIC YARDS DEVELOPMENT
“While the rest of the country wrings its hands about the national recession, we’re building our way out of it. The $4.9 billion Atlantic Yards project - the most extensive development ever undertaken in Brooklyn - is moving forward, bringing thousands of units of housing and thousands of jobs for New York City’s middle class. In the past few weeks alone, we’ve made major investments or reached critical milestones on development projects decades in the making at areas like the Hudson Yards, Hunter’s Point South, Coney Island, Willets Point and other neighborhoods across the City. This is no time to wait and see what happens with the national economy and just hope for the best. We’re acting more aggressively than ever to create jobs and ensure New York City’s best days are still to come.”Well, as the mayor conveniently forgets, the New York City Independent Budget Office (IBO) found the arena--the only part of the project with a design--to be a net loss for the city. As for the thousands of units of housing, they depend on yet-to-be-announced city subsidies.
And while construction of the arena and other buildings surely would bring construction jobs, the number of permanent jobs projected has been steadily shrinking, with the market for office space questionable.
Posted by steve at December 27, 2009 7:43 AM