NYC 2012 A 'Reign Of Terror' For City Developers?

Former developer and transit authority chief Richard Ravitch argues against cheap sale of prime real estate to aid city's bid.

1 minute read

February 25, 2005, 7:00 AM PST

By David Gest

"One of the toughest critics of the mayor's plan to create a $1.7 billion stadium for the New York Jets is Richard Ravitch, a former chairman of the Metropolitan Transportation Authority who is credited with rescuing the city's subway system in the early 1980s." The former developer aruges that "the proposed deal shortchanges both the MTA, which owns the site, and taxpayers." While the New York Jets have proposed to pay $100 million for the site, numerous reports indicate the site is worth closer to $1 billion. According to Robert Yaro, president of the Regional Plan Association, "'There is a reign of terror in this town...The litmus test is "Do you support the Olympics?" If so, then you can do business with the city.'" Ravitch agrees, saying the MTA needs all the money it can get.

Thanks to David Gest

FULL STORY: Stadium Fear Factor

Tuesday, February 15, 2005 in The Village Voice

Community / Economic Development New York

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