Beltway Confidential

Bill de Blasio's first decision: Corporate welfare for the Yankees and an Arab sheik?

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Beltway Confidential,Timothy P. Carney,New York City,Bill de Blasio,Subsidies

Progressives like NYC Mayor-elect Bill de Blasio want Big Government to work for the deserving. So, the question is: How deserving are the New York Yankees and Sheik Mansour Bin Zayed Al Nahyan?

The New York Daily News reports:

Under the complex proposal, the new soccer team — a joint venture of the Yankees and Manchester City Football Club, a British team owned by Sheik Mansour Bin Zayed Al Nahyan — would pay virtually no rent for 38 years for the largely city-owned land on which the proposed 28,000-seat soccer venue would sit.

The new franchise would also be permitted to divert the property taxes it would normally owe the city to pay off its bonds, the sources said — a deal similar to the one the Yankees and the Mets got for their new stadiums in 2005. The soccer club would be exempt from sales taxes or mortgage taxes.

Sports owners may be the most subsidized class in America. Every year, we hear of a few new stadiums getting taxpayer subsidies.

Today, the Atlanta Tea Party filed a lawsuit to block subsidies for a new Atlanta Braves baseball stadium in Georgia's Cobb County. Washington, D.C., is going to spend nine figures on a soccer stadium and charge the team $1 in rent. There are hundreds of examples of this.

(If the issue interests you, and you're in D.C. on Thursday, come to a panel I'm moderating at AEI on the issue. Speakers will be Travis Waldron, Kevin Hassett, Dennis Coates and Steve Marsh.)

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