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January 6, 2010

Doing Damage by Doing What Isn't Needed

The Cleveland Leader

Columnist and watchdog Roldo Bartimole uses Bruce Ratner's subsidy-soaked Atlantic Yards megaproject as the mascot for one of the major things that has been ailing Cleveland:

Forest City Enterprises Al Ratner once bragged to me about how many federal subsidies he has been able to get for projects all over the U. S.

This Brooklyn project is soaked in subsidies, not unusual for these unnecessary projects. This one, as others, includes a new arena for a Ratner family professional sports team.

Isn’t it wonderful that all over the nation we are spending billions of dollars to provide work places for multi-millionaire owners and millionaire sports players while so many ordinary people have no access to a paying job?

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NoLandGrab: To Bartimole's point, unnecessary projects like Atlantic Yards require massive public subsidies in order to make it off the drawing board.

If Atlantic Yards, the densest and largest single-source private project in the history of NYC, were such a good idea, then the free marketplace could support it. It's not, so Bruce Ratner has to get the City, State and Federal governments to chip in with direct cash subsidies, eminent domain and tax breaks.

Posted by lumi at January 6, 2010 7:13 AM