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They spent 15,000. The Yankees can technically afford to spend the 400 million themselves, but as an active sports club they can't risk to use all that money right now. The Yankees will be paying that money back, and much more, in taxes, employment, tourism etc...Quote:
Originally Posted by wase
Let's not forget that that Citi Field has been subsidized $450 Million dollars in public funds, which the Mets will also pay back.
And, again, numerous economic studies have shown taxpayers DO NOT get the investment money back. The Yankees no doubt DO get a sweetheart tax deal, much like every other major corporation does.
I put public spending on sports facilities for privately owned teams on the same level of stupid as constant bailouts of badly run corporations with my tax money...DUMB DUMB DUMB.
Can you show me these economic studies?
I'll have to do some searching...I actually read a few books about the subject a few years back, but haven't really tried to find anything online...and I porobably don't even own the books anymore. I'll see what I can dig up.
By the way, according to the NY Times online edition, the Yanks have already received 950 MILLION in TAX EXEMPT bonds to build this thing. They do have to pay them back, but with no interest, and no payback timeline whatsoever, and no minimums. They also will be paying exactly nothing for taxes to any level of government, since they are technically leasing a public building...even though they pay zippo for the lease rights. The parkland that was ripped up to bu8ild the stadium is being replaced elsewhere at a further cost of $150 million to NY taxpayers, and the taxpayers are also paying 100% of the costs associated with tearing down current Yankee stadium, and cleaning up the site. Taxpayers will also pay a quarter of the costs for the parking garages for the new stadium, and get nothing back for that investment. Total project cost...1.3 billion. Amount the Yanks are paying...450 million. Explain to me how the NY taxpayers are going to get back 950 million dollars, especially when the team is paying no taxes.
Can someone tell me why they needed a new Yankee Stadium in the first place? Wasn't this current one bigger than most other ballparks? I thought it seated like 55,000 fans or something...with Fenway struggling to squeeze in 36,000, and fields like the Trop not even seating 18,000 fans a game, it seemed like the Yanks already had the best stadium and highest ticket income...what was the impetus here?
To win more. duh
;)
By the way, here's what's probably one of the seminal papers on the subject of public financing for private sports organizations:
http://www.cato.org/pubs/regulation/regv23n2/coates.pdf
For those who don't wish to read the whole thing (even though I highly recommend it):
Quote:
Results Our results indicate:
• The professional sports environment in the 37
metropolitan areas in our sample had no measurable
impact on the growth rate of real per capita
income in those areas.
•The professional sports environment has a statistically
significant impact on the level of real per
capita income in our sample of metropolitan areas,
and the overall impact is negative.
when I wrote in Nader, it was a toss up between Bush or Nader. No freakin' way I was going to vote for that lying, scumbag, Kerry.Quote:
Originally Posted by Passed Ball
I think that the city of New York ought to make the Yankees license the name New York from them or stop using it.Quote:
Originally Posted by Polkovnik_Alex
LOL!
Now that would be poetic justice!
:D
News: Hating Yankees doesn't cure your impotency. Try Viagra or Cialis
.... as again, my not so humble opinion. Metsguy234 needs to take those in hourly basis:p:p:p:p:p:p
The article i read about this stated that the legal limit for the bonds being used has been reached. and that if the limit was upped the city would gladly cough it up ,
as well as coughing up 400 mil more for the mets and the nets as well.
ie its not yankee specific .
Yeah, this is going to come up again in the near future when it comes to the Nets, especially, but also the Mets. Just to be clear, I'm not protesting this because it's the Yankees, I'm protesting this because I don't think it's right for so much public money to be thrown in to a privately owned project that will never give it all back.
Yea, I agree.
LolQuote:
Originally Posted by mcloving
Interesting Article.