Skip to Content
Streetsblog New York City home
Streetsblog New York City home
Log In
Adolfo Carrion

City Approves Subsidized Yankee Stadium Parking

Yes, the Yankees' season is over. But on the bright side, this morning the city handed the team a nice consolation prize: $225 million in tax exempt bonds for parking deck construction at the new Yankee Stadium.

Under the agreement, the city will give up some $2.5 million in taxes, with an estimated $5 million forfeited by the state. And the asthma-plagued South Bronx will get almost 4,000 new parking spaces, in garages the city aims to draw traffic to year-round.

Today's approval of the Yanks' parking subsidy by the board of the NYC Industrial Development Agency can only be described as a fait accompli. Despite last month's surprising postponement, caused in part by the IDA's failure to provide requested information to Bronx Borough President Adolfo Carrion (himself a parking subsidy supporter) -- not to mention the revelation of one sad, shocking detail after another in the local media -- the unanimous vote came with relatively little discussion, one item on an agenda of about a dozen. The entire meeting took less than an hour.

Still, there were a few noteworthy aspects surrounding the decision:

    • it was announced that an economic feasibility study is now underway (as opposed to, well, conducting same before the package was approved);
    • the IDA signed off on the project though a finalized ground lease apparently does not yet exist;
    • the deal includes possibly as many as 600 free parking spaces for the Yankees (Streetsblog has a call in to the IDA to confirm the number);
    • Carrion's representative on the IDA board, Rafael Salaberrios, was not present for the vote, but walked in shortly after it occurred.

Bettina Damiani, Project Director of Good Jobs New York, an NGO that has tracked the stadium project closely, says the IDA's promise of 12 full-time and 70 part-time parking garage jobs, with an average wage of $11 an hour, hardly justifies the impact on surrounding South Bronx neighborhoods.

"There would be a stronger economic benefit if they threw cash off the elevated subway," Damiani says.

Fittingly, Damiani is headed to Washington, DC, tomorrow to testify at a Congressional hearing on how professional sports stadiums shift funds away from public infrastructure.

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

SEE IT: Cops Violently Arrest Teen Riding Citi Bike in Alphabet City

Three cops slammed a teenager to the ground, pulled his hair and knelt on his head — for allegedly riding a Citi Bike "in a reckless manner."

August 29, 2025

‘Pedestrianize’ the Financial District, Lower Manhattan Council Member Says

Downtown Council Member Chris Marte says the city refuses to launch a $500K downtown pedestrianization study funded by his predecessor.

August 29, 2025

Friday Video: The Problem With … ‘Friday Video’?!

The urbanism YouTube sphere is thriving — but who's getting the views?

August 29, 2025

Friday’s Headlines: Parking Madness Edition

A single new block of green-painted bike lane makes illegal parking by cops from the 114th Precinct even more illegal. Plus more news.

August 29, 2025

Talking Headways Podcast: The Menace of Prosperity

Daniel Wortel-London on his new book, "The Menace of Prosperity: New York City and the Struggle for Economic Development, 1875–1981."

August 28, 2025

MONEY TALKS: Business Interests Call the Shots in Eric Adams’s New York

Forget the bribery charges — you don't have to break the law to buy influence in the Big Apple.

August 28, 2025
See all posts