Statement on “Senseless Subsidies” a report by Borough President Scott Stringer
Statement from Bettina Damiani, Project Director
May 29, 2008
Re: Manhattan Borough President’s report "Senseless Subsidies"
We thank the Manhattan Borough President’s Office for bringing attention to the wasteful Industrial and Commercial Incentive Program. For years, ICIP has been too costly and too obscure. Other elected officials need to take notice of "Senseless Subsidies" to help sound the alarm and overhaul this unaccountable and wasteful program that cost taxpayers over $400 million last year.
In addition to highlighting questionable incentives for fast food and retail chains, as the Borough President’s report does, Good Jobs New York urges elected officials to clamp down on the misguided allocation of tax breaks for commercial development.
To allow property owners in one of the most sought after commercial districts in the world - Midtown Manhattan – continued access to tens of millions of dollars in tax breaks would prove the City is out of step with meaningful accountable development and the needs of the city’s fiscal future.
Time is ticking: the ICIP legislation expires at the end of next month. We urge the Mayor, city and state officials to ensure future tax breaks are invested wisely by requiring due diligence of applicants’ need and to incorporate requirements that firms create good jobs for New Yorkers.
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GJNY takes a close look at the proposed subsidy package--worth nearly $130 million--for Fresh Direct to relocate to the South Bronx. In early 2012, Fresh Direct started a bidding war between New York City and New Jersey officials when it threatened to leave its current home in Long Island City, Queens. Learn more about the subsidies, job promises and the efforts of residents to block the on-line grocery retailer's move to their waterfront.
As government aid begins to flow into areas devastated by Hurricane Sandy, Good Jobs New York will provide analysis and recommendations regarding these resources that promote a transparent and equitable allocation of funds that go to individuals and businesses that need it most.
Our database contains information on thousands of companies that received economic development subsidies in New York City.
Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.