New York Dishing Additional $31 Million to Atlantic Yards Project

In an updated funding agreement signed in October, the city of New York is dishing out an additional $31 million (they previously shelled out $100 million) to help Bruce Ratner buy land for his Atlantic Yards project. This new sum won’t come from taxpayers, however. Instead, the money will be taken from a separate fund that was originally assigned for infrastructure in the neighborhood surrounding Atlantic Yards. Regardless, City Council member Letitia James claims that the city’s distribution of funds is “fancy accounting footwork. It’s a government Ponzi scheme,” she said. “I’m offended because they’re using public funds to seize homes and businesses.”