Economic Benefits In Question in New York Stadium Redevelopments

Stadium construction in New York that was intended to have only a small cost to taxpayers has turned out to be a major investment and allocation of tax breaks, causing many to question whether the economic benefits of rebuilding will ever be seen.

"As the two stadiums near completion, the cost to taxpayers is anything but small, a review of the projects shows. Though the teams are indeed paying approximately $2 billion to erect the two stadiums, the cost to the city for infrastructure - parks, garages and transportation improvements - have jumped to about $458 million, from $281 million in 2005. The state is contributing an additional $201 million."

"Those totals do not include an estimated $480 million in city, state and federal tax breaks granted to both teams. In addition, neither team has to pay rent or property taxes, though they are playing on city-owned land."

"The expanding public cost of the stadiums, coming in another downturn, has fueled debate about their economic benefits, and has become an issue in Congressional hearings in Washington into the use of tax-exempt bonds for stadium construction."

"The Bloomberg administration says that keeping the Yankees in the Bronx and the Mets in Queens not only creates temporary construction and permanent stadium jobs, but also is crucial to the city's image."

Full Story: As Stadiums’ Costs Swell, Benefits in Question

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
T-shirt with map of Chicago

Show your city pride

Men's Ultrasoft CityFabric© tees. Six cities available.
$23.00
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!
$28.00