Thursday, November 20, 2014

Hudson Yards is more than the city bargained for

Dan Doctoroff
From the Daily News:

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.


Anonymous said...

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

Anonymous said...

What's so news about the City subsidizing a developer? Like it never happened before?

Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

The developers should have been 100% on the bill for the 7 train extension, including the "missing" stop.