Skip to Content
Streetsblog New York City home
Log In
NYC Industrial Development Agency

Yankee Stadium Parking Boondoggle Getting Worse Every Day

11:24 AM EDT on June 16, 2010

The subsidy for the new Yankee Stadium's 9,000 parking spaces keeps turning into a worse deal for New York City taxpayers. Juan Gonzalez reports in the Daily News that the garage operator is deep in the red, even after last year's extended championship season:

As of this month, Bronx Parking Development LLCowes the city $8.7 million in back rent and interest. That tab willsoon grow to more than $10 million because city officials have allowedthe firm to defer the rest of this year's rent as well.

Meanwhile, Bronx Parking, which has no connection to the Yankees, has yet to pay a nickel in property taxes.

yankee_stadium_traffic.jpgThe House That Subsidies Built: It's now in the city's financial interest to see more traffic overwhelm the streets around Yankee Stadium. Photo: Simon Akam/Bronx Beat

One thing I'd add to Gonzalez's excellent piece is that this whole outcome was predictable, given the sordid politics behind the Yankee Stadium deal. Back in 2007, the geniuses on the board of the NYC Industrial Development Agency approved the subsidized parking deal before conducting an economic feasibility study. As Gonzalez notes, profitable Yankee Stadium garages now appear
to be a delusion of the wishful thinkers at the NYC Economic
Development Corporation.

The larger point is that the current situation proves the folly of the initial parking subsidies. Perversely, if the city is ever going to see revenue materialize from these monstrous garages, it's in their interest to see more cars drive to Yankee Stadium and flood the streets of the South Bronx. That pretty much sums up why a city that's purportedly committed to a sustainability plan should never subsidize parking.

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

Popular Fort Greene Open Street Fizzles After City Pulls Support

DOT reassigned its contractor, and this open street — which once hosted rollicking dance parties — is history.

October 2, 2023

Monday’s Headlines: Thin-Skinned, Anti-Restler Mayor Edition

Under fire for how he handled the storm, the mayor found a familiar target: Brooklyn Council Member Lincoln Restler. Plus other news.

October 2, 2023

Two Paths Forward: Broadway Shows What Could Be on Fifth Avenue

It's time to widen Fifth Avenue's sidewalks and add a protected bike lane. Delays hurt everyone.

CYCLE OF RAGE: Even Cheap Souvenir Plates Fool NYC Speed Cameras — And Piss Off an Out-of-Town Man

You don't have to be SEXY to fool New York City speed cameras. You just have to pretend to be.

October 2, 2023

We Have the ‘End of Days’ Flooding Pics You Need Right Now

It's bad out there. How bad? Here is a citywide roundup from our staff ... and our friends on social media.

September 29, 2023
See all posts