Oblige to the Noblesse
You’re Helping Bruce Ratner Pay His Mortgage
Norman Oder's scoop gets play on NY Magazine's Daily Intelligencer:
Combining the numbers strewn about in various court documents, Oder comes up with a simple and startling detail: More than half of the projected $4 billion funding for Atlantic Yards comes from public sources. The city is in for $205 million, twice the original figure, and the state for $100 million, and just over $2 billion in tax-free bonds will pay for the arena and the affordable housing. Tax-free bonds, as you might point out, are not direct grants. That's true. But they'll allow Ratner to borrow money at very, very low rates. So they're basically a government-issued discount mortgage. Boy, do we feel like chumps, paying all that interest to CitiMortgage.
Posted June 6, 2007 10:45 PM | Permalink
Lets see, if Atlantic Yards gets built, I will have to put up with Bruce Ratner's poor taste and incompetent planning...but wait...there's more! I will have to subsidize it with my tax dollars...but wait...there's more....and increased transportation and electric costs....so a fat, incompetent corrupt billionaire can get a low interest mortgage to finance a project which is 50% government funded, so Ratner can make a billion dollar profit. Not one elected official outside our local politicians sees anything wrong with this. The system is broke beyond repair.
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