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The Yankee Stadium parking garages are losing money

Sep 10, 2010, 10:30 AM EDT

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.

  1. Zak - Sep 10, 2010 at 11:13 AM

    Well, at least Costanza’s been leaving his parked there overnight.

  2. Professor Longnose - Sep 10, 2010 at 11:18 AM

    I’m thinking you probably have to start validating your parking ticket at Gateway Mall.

  3. BC - Sep 10, 2010 at 11:22 AM

    Like 40% of the population in Manhattan and Brooklyn have cars. The damn train drops you right there!
    I live in Connecticut, and out of the three parks within reasonable distance (Boston and the two New York stadiums), Yankee Stadium is the WORST to drive to. It’s a horror show. Why would anyone NOT take the train?

  4. CM_Wang - Sep 10, 2010 at 11:31 AM

    Most fraudulent bonds since Barry.

  5. SadPandaRevolt - Sep 10, 2010 at 11:40 AM

    ^^ This, right down to state of residence

  6. Alex K - Sep 10, 2010 at 11:44 AM

    It was the same thing when I lived on Long Island.
    Drive to Yankees games! The traffic in Manhattan isn’t bad enough!

  7. John_Michael - Sep 10, 2010 at 11:58 AM

    Increased parking supply, lowered parking demand and no one’s talked about dropping prices from $23?

  8. BC - Sep 10, 2010 at 1:59 PM

    That’s awesome.

  9. Kevin S. - Sep 10, 2010 at 2:22 PM

    Further, doesn’t Metro North drop you off right there as well? There have been times when it’s been more convenient for me to drive into the city, but I’ve always parked somewhere else and taken the subway the rest of the way in.

  10. Tony A - Sep 10, 2010 at 4:37 PM

    Nah! That sort of thinking went out of style YEARS ago. More likely they’ll RAISE the prices…

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