The most egregious aspect of the carve-out is the amount it will cost taxpayers. New York City has already approved $205 million for the project, and the State has pledged $100 million. The rewrite of the 421a legislation will cost taxpayers at least an additional $100 million and could reach $170 million in forfeited tax revenue.
Because of the size of the 421a tax break for Atlantic Yards, we ask that the money previously set aside for land acquisition aid--$100 million from the City and $100 million from the State—be withheld. This $200 million should not have been allocated in the first place—there is no justification for the government to subsidize a developer’s bottom line—and now, with this latest development, any distribution of this money is inexcusable.
Note that city officials told the Times that the tax break could be worth $300 million.