Wednesday, November 12, 2008

New York City Tax Payers To Pay $1 Billion To See Baseball

The article is As Stadiums Rise, So Do Costs to Taxpayers from the New York Times. Here is an exerpt:

"Though the teams are indeed paying about $2 billion to erect the two stadiums, the cost to the city for infrastructure — parks, garages and transportation improvements — has 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 both are playing on city-owned land."

Adding the $458 million to the $480 million puts it at $938. So that is closing in on $1 billion. I recall reading in a book by Andrew Zimbalist (who is quoted in the above article) that sports economists generally agree that public (tax payer) funded stadiums are not worth it. It looks like New Yorkers will be paying more for baseball whether they like it or not.

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