IBO Boos Mets Deal

Okay, maybe that’s an exaggeration. But the Independent Budget Office today estimated the total cost to the city of awarding tax-exempt bonds, exempting property taxes, etc., to be $177 million (in present value). And while the I.B.O. did not do a complete cost-benefit analysis, it pointed toward the sunny figures trotted out by the mayorally-controlled Industrial Development Agency, which found that the stadium would bring in $61 million in city tax revenues. “[B]ecause a large share of sports business income flows to a relatively small number of players and owners–few of whom reside in the city–much of those earnings will be spent elsewhere with only a small effect on the local economy,” the I.B.O. said.

(via Neighborhood Retail Alliance)

Matthew Schuerman

Article continues below
More from Politics
Queens Congresswoman Grace Meng and Bronx Assemblyman Michael Blake at the Democratic National Committee meeting in Atlanta.
NYC Congresswoman and Assemblyman Score DNC Vice Chairmanships