"100 economists give stadium a bad grade"

READ THE ABOVE POST--this one submitted prematurely!!!


By Chuck Bennett
amNew York Staff Writer

More than 100 economists came out against the west sided stadium in an open letter sent to Gov. Pataki and Mayor Bloomberg yesterday.

"Supporters of the Jet's fiasco can't claim they have all the economic evidence on their side when 106 well-respected voices from around the country and the economic spectrum are saying 'we object,'" said John Berthoud, president of the National Taxpayers Union, an advocacy group for lower taxes ans smaller government.

The 106 economists, including a Nobel Laureaate and professors at Columbia, Princeton and Rutgers universities, wrote, "The proposed Jets Stadium on Manhattan's West Side, now estimated to cost $1.925 billion -more than three times the cost of any other NFL stadium-will not generate significant net economic or fiscal benefits." It estimated the total public subsidies will cost taxpayers $1.295 billion.

The Jets estimate that the stadium coupled with an expanded convention center, will generate $126 million in tax revenues a year along with thousands of new jobs. The Jets did not return a call for comment.

"The governor supports this project because of the many benefits it will bring to New York as a multiuse facility." Lynn Rasic, a Pataki spokeswoman, told amNew York. She referred to figures from the city's Independent Budget Office that estimated the stadium would bring in $28.4 million a year in tax revenue.[B][B][B]