Kavanagh to Question New York City Industrial Development Agency on Failure to Control Yankee Ticket Pricing

Kavanagh Will Question Agency Officials at Public Hearing on Yankee's Request for Additional Public Financing

NEW YORK, NY-- At a public hearing today Assemblymember Brian Kavanagh (D-Manhattan) will continue his efforts to protect sports fans and taxpayers by questioning the New York City Industrial Development Agency on its failure to control ticket pricing at the new Yankee Stadium—a venue that has so far received $920 million in tax-exempt bonds to aid in construction.

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"We're pouring hundreds of millions of dollars of tax-free bonds into a facility that no average New Yorker will be able to afford to get into. It's crazy." said Kavanagh, a member of the State Assembly's Committee on Corporations, Authorities and Commissions and Committee on Cities which are jointly holding the hearing with other Assembly Committees. "We need a law to require affordable tickets at the new Yankee Stadium, the new Shea Stadium, the Atlantic Yards Arena, and other venues around the state that seek public money. We have a responsibility to ensure that public money is used for public benefit."

Kavanagh and 30 of his Assembly colleagues recently introduced legislation (A11692) that would limit ticket price increases by sports franchises that receive public subsidies for their facilities and require that a percentage of tickets at these facilities be sold at prices affordable to people of modest means.

The hearing is being conducted at 10:00 am today, Wednesday, July 2^nd, at 250 Broadway, Room 1923.

Comments

oversight
what a novel idea

This whole Yankee stadium is nothing more than Corporate Welfare Gone Wild.