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| Dan Doctoroff |
Wherever you wander along midtown Manhattan’s far West Side, you’ll come across the dusty din of jackhammers, cranes and construction crews lifting new hotels, condos, and office buildings into the sky.
Welcome to Hudson Yards, the 26 acres around the MTA’s West Side railyards that New York’s real estate moguls keep touting as this city’s next great commercial district.
But the slick pitchmen for Hudson Yards rarely mention the scandalous subsidies taxpayers have shelled out the past 10 years for this megaproject.
The city will have paid nearly $650 million in subsidies into Hudson Yards by the end of this fiscal year, according to a review by the city’s Independent Budget Office — and more will be needed in the future.
That’s not exactly how the project was sold when the City Council approved it in January 2005.
It never is. It's always lies.
5 comments:
Yea the recession really screwed the booming real estate market the project depended on. The 7 line extension being the second most expensive subway project in the world after SAS didn't help either
What's so news about the City subsidizing a developer? Like it never happened before?
Let us not forget the indirect subsidies, like the relocation of schools near the project, for the duration of the project, due to noise etc.
Yet another example of the poor man subsidizing the rich man in real estate.
Now lets all go out and clean up the local neighborhood dump cause the city 'has no money.'
As a matter of fact, throw this project in their face every time they give you the 'no money' bullshit.
The developers should have been 100% on the bill for the 7 train extension, including the "missing" stop.
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