Tuesday, March 17, 2009

Second thoughts on yesterday's post: FCR's lobbying will continue

Yesterday, the AYR headline read: Despite Atlantic Yards slowdown, Forest City Ratner spent $928,652 in 2008 on city/state lobbying.

My point was that, even though there was much less going on with Atlantic Yards, the developer still spent a lot of money, only 20% less than the 2007 total.

But maybe there's another way to look at it. Forest City Ratner had to spend significant sums lobbying because there was much less going on.

Because questions of housing subsidies, city payments, and a contract with the Metropolitan Transportation Authority remain unresolved, the developer needs to lobby more than ever.

After all, as Chuck Ratner, CEO of parent Forest City Enterprises, famously said last April, "We still need more" subsidies.

And that will probably continue into the indefinite future.

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