LETTER TO THE EDITOR

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Rachel Breitman’s City Limits Weekly article [Yankees Strike Out, 8/22/05] accurately reports Mayor Bloomberg’s claim that a new Yankees stadium in Macombs Dam Park would cost the city $135 million and the state $70 million, but the mayor’s numbers don’t tell the whole story. After counting all the hidden public costs of the project–land and infrastructure expenses, 100% property-and sales-tax breaks, taxpayer-subsidized triple-tax-exempt bonds, and free rent for the next 30 years–the public would end up looking at a bill of at least $385 million, and possibly hundreds of millions of dollars more. Like the “privately financed” West Side Jets stadium that would have cost city residents a bundle, the House That George Wants To Build just goes to show that some gift horses do need to be looked in the mouth.

Neil deMause
www.fieldofschemes.com
Brooklyn, NY