Sep 10, 2010, 10:30 AM EST
New York City issued a bunch of bonds to build parking garages around Yankee Stadium. Seems that way fewer people are parking in them than expected, however, the garages have lost money both last year and this year and now it looks like the garage operator is going to default on rent payments to the city and bondholders are going to get stiffed as a result.
One way to look at this is to say that you’re pretty much a moron if you’re buying bonds backed by parking garage receipts at a facility with ample, cheap and convenient mass transit next door.
Another way to look at it is that this is just another example of public money being wasted on ballpark and ballpark-related projects. Because — as Neil deMause notes at the great Field of Schemes blog — even if it’s the bondholders and not the city who are left holding the bag here, the city issued bonds that are likely to end up in default, and that will make it harder and more expensive for the city to issue bonds for other projects in the future.
- No, the Red Sox signing Pablo and Hanley is not proof that baseball needs a salary cap 44
- Red Sox announce four-year, $88 million deal with Hanley Ramirez, DFA Juan Francisco 33
- The Cubs have offered Jon Lester “north of $135 million” 62
- Pablo Sandoval’s deal: five years, $98 million plus an option 42
- Kyle Seager, Mariners close to $100 million extension 25
- The 2015 Hall of Fame ballot is out — Randy Johnson, Pedro Martinez are new on the ballot 286
- So what would the Red Sox look like with Hanley Ramirez and Pablo Sandoval? 49
- UPDATE: Red Sox finalizing a 4-year, $88 million deal with Hanley Ramirez, with a vesting option 35
- The 2015 Hall of Fame ballot is out — Randy Johnson, Pedro Martinez are new on the ballot (286)
- More Hall of Fame ballots like Adam Rubin’s please (137)
- UPDATE: The Pablo Sandoval-Red Sox deal is done, pending a physical (133)
- Report: Pablo Sandoval chose the Red Sox over the Giants because he felt disrespected (132)
- Report: “There is a 90 percent chance that Pablo Sandoval will sign with the Red Sox” (130)