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October 4, 2010
Show the math: How would investors seeking green cards create or retain 7696 jobs by financing the railyard Forest City Ratner is obligated to build?
Atlantic Yards Report
Like everything else about Bruce Ratner's Atlantic Yards project, the numbers in his green cards-for-cash scheme just don't add up.
Here's what the press should be asking the New York City Regional Center (NYCRC) and any public or elected official supporting Forest City Ratner's effort (via the NYCRC) to raise $249 million from 498 Chinese investors:
Show us the math.
The investment would have to create or retain 4980 direct or indirect jobs--ten jobs per investor.
The NYCRC is claiming 7696 jobs would associated with this investment, as noted (right) on this website promoting an October 12 event for potential investors.
Show us the math.
Looking more closely
Extrapolate these job figures--for an investment about 5% of the entire $4.9 billion project--and Atlantic Yards should create or retain nearly 154,000 jobs.
Wow.
Yes, EB-5 investment monies can be used as "last-mile" funding and thus be credited for a project as a whole.
But let's test that against reality.
NoLandGrab: Who wants to bet on how the reality check comes out?
Posted by eric at October 4, 2010 11:44 AM