First, a declaration, sans caveat, that projections are generally overblown:
As cities like Cincinnati, Houston and Seattle have learned, the construction of stadiums and arenas almost always costs more than expected, rarely produces the economic benefits initially promised and can saddle local governments with tens of millions of dollars in debts, driving holes through budgets.Ok, so why did that Times, at the arena groundbreaking last year, uncritically quote outlandish statements about Atlantic Yards benefits?
The article closes with a gimlet-eyed view of what's at stake:
“[Islanders owner Charles] Wang wants to make money and [County Executive Ed] Mangano wants to save the Islanders,” said Clifford B. Sondock, the president of the Land Use Institute, which opposes the project. “Ed and Charles have made this an issue of the Islanders when it is really a real estate deal.”And what about "Jobs, Housing, and Hoops"?