Bloomberg's Favorite Developer Slated to Get Another Huge Hudson Yards Tax Break--Taxpayers Pay the Penalty
The Bloomberg administration is preparing to hand another $328 million in tax breaks to its favored developer, The Related Companies, for ... get this ... a fancy shopping mall and a high-end office skyscraper in the Hudson Yards project on the west side of Manhattan. [A early mockup of the finished site is at right.]
Wikipedia Hudson Yards Plan
The board of the city's Industrial Development Agency, an off-shoot of the Economic Development Corp., is slated to hold a public hearing on the whopping proposed tax breaks on Oct. 10.
James Parrott, deputy director and chief economist of the Fiscal Policy Institute sharply criticized the giveaway. "It is the height of fiscal irresponsibility for the NYC IDA to provide massive taxpayer subsidies to a Manhattan luxury mall," he tells the Voice.