Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Yankees, Mets Stadium Projects Get More Tax-Exempt Bonds
By
Jen Chung
Published Dec 9, 2008
Modified Dec 9, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Dec 9, 2008
Modified Dec 9, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Sure, the city is facing lower tax revenues and will cut from city agencies' budgets. But when the Yankees and Mets need additional tax-exempt bonds to complete their new stadiums, that's okay! The NY Times reports, "The city also plans to issue $341.2 million in additional tax-exempt bonds on behalf of the Yankees and Mets to complete the stadiums, whose combined cost is about $2.2 billion. The teams are responsible for paying off the bonds, but they pay tens of millions of dollars less in interest because payments to bondholders are exempt from city, state and federal taxes." The teams need the additional bonds because costs have gone up. And since the city and state are paying for hundreds of millions in infrastructure ("parks, garage and transportation improvements"), it turns out, unsurprisingly, that those infrastructure costs have gone up, too. The Independent Budget Office tells the Times, "The additional costs that have emerged make it quite likely that that the city’s net benefit number is now negative.”
Tagged
city
mets
new Mets stadium
new Yankee Stadium
tax-exempt bonds
Yankees
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NYC Council to weigh changes to juvenile jails as assaults and overcrowding rise
The City Council is holding a hearing Tuesday to consider several bills aimed at reducing the youth detention population and improving conditions for those who remain.
By
Samantha Max
Published Oct 26, 2026 at 12:10 p.m. ET
Early Addition: Who's giving out those chic little Nordic gummies this Halloween?
Because the status trick-or-treat candy has arrived, here are your early links: NYC Marathon-themed early voting sticker, New Jersey's Socialist Party on the rise, Herald Square billboard fight and more.
By
James Ramsay
News
Early Addition: Who's giving out those chic little Nordic gummies this Halloween?
Because the status trick-or-treat candy has arrived, here are your early links: NYC Marathon-themed early voting sticker, New Jersey's Socialist Party on the rise, Herald Square billboard fight and more.
By
James Ramsay
In East Brooklyn, aging NYCHA homes get a $636M upgrade
By
Willow Higgins
What NYers can expect as open enrollment for health insurance begins
By
Caroline Lewis
Why New Yorkers should care about bats beyond spooky season
By
Catalina Gonella
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .