Monday, October 19, 2009
Matt Welch On The Imperious Yankees Welfare Queens
A little late but still very worth reading.
This year the Yankees moved into a new stadium. According to baseball economist Neil deMause of the excellent Field of Schemes website, the facility cost a stunning $1.56 billion, and the total project (including replacing 22-acres of parkland that had been destroyed by the construction) totaled $2.31 billion [pdf]. Both figures are all-time records in the history of sports stadia. "Of that," deMause estimates, "the public—city, state, and federal taxpayers—are now covering just shy of $1.2 billion, by far the largest stadium subsidy ever."
The biggest three categories of government contribution were the following:
• $417 million in property tax waivers from the City of New York.
• $327 million in federal tax-exempt bond subsidies.
• $232 million worth of land giveaways from the city.