Yankees Win, But Does City Lose?
April 6th, 2006

The New York City Council voted overwhelmingly to approve a new Yankee Stadium in the Bronx. While the Yankees are clearly getting what they wanted – a new stadium with lucrative luxury boxes – many are questioning how the deal benefits the city.

New York Times columnist Joyce Purnick points out that while the addition of a Metro North station near the stadium will likely benefit the community, the $40 million it will cost taxpayers is money that will not be spent on other needed transportation projects.

Daily News columnist Juan Gonzalez argues that if the Yankees get the $866 million in tax-exempt bonds it is seeking from the mayor and City Council to finance the plan, then the “Yankees will pay off their construction costs with money they would normally have given the city in real estate taxes.”

And in his new blog The Daily Politics, Ben Smith remarks that “with any luck, it’ll do for the South Bronx what… Yankee Stadium did for the South Bronx?”

By on April 6, 2006, 7:05 am
In category: Community Development,Gotham City,Land Use,Parks,Transportation | Comments Off on Yankees Win, But Does City Lose?

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