Subsidy Sheet: In NY, mega-corporations win, the needy lose

April 18, 2025

We’ve known since Roman times that lead is “injurious to the human system” (to quote the architect Vitruvius), but in 2025, New York State still has miles and miles of lead pipes, which the Albany Times Union wrote this week would cost $5 billion to replace. Elsewhere, the NYS Comptroller’s website also reports that 1,160 NYS bridges are in “poor” condition. 

These are a fraction of the state’s capital construction needs, but if fixing crumbling public infrastructure isn’t your thing, consider our humans: Did you know that 40% of Rochester children live in poverty? Why, instead of fulfilling the basic and obvious responsibilities of state government, is New York about to give billions in new subsidies to the super-rich investors who control big corporations? 

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Opportunity Zones: As if billions in state, federal, and local subsidies weren’t enough, there is now a Semiconductor Opportunity Fund (PR Web). Note that Micron’s planned fab in upstate Clay is not in an Opportunity Zone – at least not yet.

In other news, even leading OZ propagandists concede that 75-90% of OZ projects are real estate – and note that this means luxury real estate.

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More corporate giveaway news from this week:

  • IDAs: The Nassau County IDA is clawing back $4.8 million from a software company that failed to create 150 jobs, but Canon doesn’t have to pay back anything to the Suffolk County IDA after laying off 100-150 workers (Newsday).
  • Tesla: NY lawmakers are urging the state to penalize the company if it does not meet its job commitments (Gothamist).
  • Plug Power: Albany-area Plug Power’s stock hit $0.90 this week – down from $75 in 2021. The unlucky green hydrogen producer was in the wrong place at the wrong time, and is a cautionary tale about how hard it is to pick winners and losers in new manufacturing sectors.
  • Housing: Cuomo’s housing plan would likely water down the affordability requirements in the state’s new 485-x tax break (NY Daily News). We note again that “affordable” apartments in NYC usually ain’t.
  • Sports: The Buffalo Sabres are kind of threatening to leave if they don’t get potential subsidies of $75 million to $200 million from the city, county and state to renovate the city-owned KeyBank Center (WGRZ).

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