Subsidy Sheet: Subsidy stories you may have missed

NY corporate giveaway news from this week:

• Investigative Post covers our report with Good Jobs First, “Perverse Incentive,” which found that deal fees generate 80% of the operating budgets of New York’s 107 Industrial Development Agencies.
• The office space in Hudson Yards, for which developers received billions in NYC tax breaks, has a low vacancy rate, though its luxury housing and retail offerings ain’t doin’ so hot (NYT). We would like to see an update from the NYC Independent Budget Office on how the deal is working for taxpayers – whether it’s exceeding, meeting, or falling short of expectations.
• Governor Hochul and Senator Schumer again falsely claim that Micron is investing “$100 billion” in New York. Read our write-up from last week on how journalists keep repeating this misleading number.
• The head of the Genesee County Economic Development Center, who oversaw the $4-million-subsidy-per-job deal with Plug Power, is retiring (Buffalo News).
• Law firm Nixon Peabody has a concise, informative summary of the housing-related provisions in the state FY 2025 budget, including details on the new mega-subsidies for affordable housing and office-to-housing conversions.

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