The Stadium Welfare Rip-Off
Today's New York Times features a big story on the massive burden taxpayers end up bearing thanks to publicly-subsidized stadiums:
It's the gift that keeps on taking. The old Giants Stadium, demolished to make way for New Meadowlands Stadium, still carries about $110 million in debt, or nearly $13 for every New Jersey resident, even though it is now a parking lot….
How municipalities acquire so much debt on buildings that have been torn down or are underused illustrates the excesses of publicly financed stadiums and the almost mystical sway professional sports teams have over politicians, voters and fans.
Rather than confront teams, they have often buckled when owners — usually threatening to move — have demanded that the public pay for new suites, parking or arenas and stadiums.
With state and local budgets stretched by the recession, politicians are only now starting to look askance at privately held teams trying to tap the public till.
Read the whole depressing story here. Click below for Reason.tv's reporting on stadium welfare in Washington, DC and Brooklyn, NY.
