New York City taxpayers coughed up nearly $400 million to Wall Street bondholders after property-tax and other revenues at Hudson Yards didn’t meet targets. Gov. Kathy Hochul could be setting up a repeat of that scenario with her plan to use the revenues from 10 new office towers to pay for rebuilding Penn Station.
That’s the conclusion of the city’s Independent Budget Office, which in a report Monday said there are significant unanswered questions about Penn Station, starting with how much the project will cost and how much revenue will be needed.
Hochul’s plan “lacks many of the basic and important details needed for a robust analysis,” the
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