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October 11, 2010

Lots of winners (but not the public interest) in effort to raise $249M for Atlantic Yards via "green cards for investors"; FCR could save $100 million

Atlantic Yards Report

When you run the numbers, there seem to be a lot of winners in the effort to market green cards for investments totaling $249 million in the Atlantic Yards project.

Those benefiting include:

  • immigrant investors and their families
  • the operators of the New York City Regional Center (NYCRC)
  • immigration attorneys
  • developer Forest City Ratner (by far the largest beneficiary)

Missing? The public interest, especially if no new jobs are created (as admitted) and this new investment does not actually retain jobs (as I've argued).

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NoLandGrab: Bet you could've never guessed that Bruce Ratner would be the biggest winner in this government-sponsored scam, right?

Posted by eric at October 11, 2010 11:48 AM