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Wednesday, November 5, 2008

Bloomberg's Spending on Stadiums Balloons While School Construction Expects Cuts

The City's capital budget is due to be released this week. Despite the enormous need for school seats and the refusal of the administration to build seats to keep up with residential development, many expect the mayor to push out or defer school construction.

In contrast, the NY Times is reporting spending on stadiums continues to grow with the latest estimates exceeding $450 million dollars. A similar amount has been given up in tax breaks. For reference, consider that the current capital plan for new schools in Manhattan is only $240 million over five years and much of that is far behind schedule.

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