Tuesday, January 29, 2008

The "Jobs" argument....

Despite falling tax revenues, a flaying economy, and the fact that it is a very bad, very corrupt project to begin with....Elliot Spitzer seems determined to keep supporting Atlantic Yards:

The news comes a day after The Post, citing court papers filed by Ratner's firm, reported that dragging litigation and a drooping credit market jeopardize the developer's ability to secure financing to build an NBA arena for his Nets basketball team and 16 skyscrapers with residential and retail space in Prospect Heights.

The Spitzer administration said yesterday it was still committed to supporting a project that critics say was rushed through in the final days of the Pataki administration.


Bloomberg is already cutting back services in the city, Spitzer seems oblivious to this and has actually increased spending...but when the crunch does happen, the predictable Ratner/Spitzer/Bloomberg spin will be "it will create jobs"....nonsense.

A. the state is cutting jobs from elsewhere by supporting this project -which means funds meant for other services are allocated to Ratner from existing budgeted services.
B. There are plans such as Extel's and Unity that would not require costly, time consuming lawsuits, not require such huge outlays of capital from the state (Ratner's tax carve out and MTA land giveaway come to mind) that would create jobs.

So continuing to support the Ratner plan, the state is robbing from two people- those people and services effected by the budget cuts, and those companies that could build on the land profitably without such heavy subsidies. And why? To support a corrupt, greedy developer with a long track record of projects that are aesthetic, moral, and financial failures.

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