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Spotlight On Economic Development

Spotlight on Economic DevelopmentIn this section we shine a light on more than a dozen large, subsidized projects that are especially wasteful and lack public benefit. We've categorized our in-depth research and analysis about these projects in the sectors below.

  • Arenas/Stadiums

    The Bloomberg Administration has been very generous to what we call “sport entertainment corporations” by financing new baseball stadiums for the Yankees, Mets and providing subsidies for the yet to be completed basketball arena for the Nets at Brooklyn Atlantic Yards. A new football stadium for the Jets on Manhattan’s Far West Side did not become a reality, but due to changes in land-use the area it is expected to become a new commercial and residential neighborhood being financed with numerous tax breaks. Not to be left out, Madison Square Garden is the beneficiary of a property tax break thanks to an arrangement made by former Mayor Koch.

  • Major Corporate Giveaways

    Since our launch in 2000, Good Jobs New York has researched and posted on our website information on corporate subsidies over $1 million. Details on those subsidized firms are available in our Database of Deals. But, not all subsidy packages are created equal. The subsidy packages to the firms detailed in this section caught our attention thanks to a combination of factors including the egregious nature of the giveaway and access to public information allowing for analysis. We will update this information or add new firms when necessary.

  • Reconstruction Watch

    Reconstruction Watch was developed after September 11, 2001 as a project of Good Jobs New York and was intended to assist low and moderate income New Yorkers and the groups that assist them to better understand and influence the allocation of federal economic development resources. Through its research and publications, Reconstruction Watch provided timely information that helped a diverse groups of New Yorkers to participate in the rebuilding of our city.

  • Recovery Zone Facility Bonds

    The Recovery Zone Facility Bond (RZFB) program was created in 2009 by the American Recovery and Reinvestment Act and expired December 31, 2010. The bonds were allocated by the Capital Resource Corporation, a sister to the Industrial Development Agency. Because of the unique nature of these resources and due to the interest of various constituency based groups about how the bonds would be allocated, GJNY tracked RZFB proposals.

  • Retail

    Unless a low-income neighborhood is void of basic services, allocating subsidies for large retail projects, is an unwise policy. Retailers, especially big-box stores and national retailers, often rely on part-time employees to keep costs low and provide little or no benefits. Despite New York City’s large population and diverse customer base, in recent years, officials have used public resources to develop and plan new retail destinations. In some cases, these proposals replace existing, successful retail operations. This section highlights some of these efforts. To learn more about the Administration’s plans in Queens, visit the Economic Development Corporation, Flushing Coalition for Responsible Development and Willets Point United.

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