The creation of Hudson Yards will cost the city another $368 million through 2019, bringing the city’s total payout to more than $947 million, according to projections from the Independent Budget Office.
The city has been footing the bill for Hudson Yards preparations — including most of the cost of the 7 train subway expansion — by floating $3 billion in bonds through the Hudson Yards Infrastructure Corporation (HYIC).
The cost of the project was supposed to be offset by revenue from commercial and residential taxpayers moving into the area. But the IBO found that taxes have yet to cover the cost of the project, leaving the city on the hook for hundreds of millions of dollars more than expected, as the Daily News reported previously.
Thursday, July 23, 2015
Hudson Yards not a great bargain for taxpayers
Posted by Queens Crapper at 12:18 AM
Labels: bonds, government waste, Hudson Yards, IBO
These kinds of overblown projects are always a boon to the developers and a burden to taxpayers.
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