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September 12, 2011

Cuomo, Asking For Help From the Feds, Announces NYS’s Toll From Irene Will Be Less Than the Public Cost of Ratner’s Atlantic Yards Mega-Monopoly

Noticing New York

Michael D.D. White points out that the 10th-worst disaster in U.S. history will cost New Yorkers less than the 1st-worst land grab in Brooklyn history.

Hurricane Irene may rank as one of the ten costliest natural disasters in the nation’s history, but yesterday New York State Governor Andrew Cuomo, who asked for federal disaster relief dollars to help recover from the storm, announced that New York State’s estimated share of those losses would be $1 billion, substantially less than, just a fraction of, the total cost to the public of the Atlantic Yards mega-monopoly the state has helped engineer for private developer Bruce Ratner. It is difficult to provide a final, pinned down, perfectly calculated total cost to the public of the Atlantic Yards megadevelopment but it will be over $2 billion dollars, coming in at a total figure somewhere midway between $2 and $3 billion (unless it's more).

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Posted by eric at September 12, 2011 11:01 AM