A report by New York’s Independent Budget Office released Thursday says that financial projections used by New York officials to justify a $1.4 billion football stadium overstate the likely economic gain of the project, which is part of New York’s bid for the 2012 Summer Olympic Games.
A new Jets stadium would generate enough tax revenue for the city to cover its $300 million investment, but the project would bring in less money and create fewer jobs than the Jets and the city claim, says the report.
The city has cited figures in an Ernst & Young study commissioned by the New York Jets to build support for the sports facility on Manhattan’s far west side.
The city and the Jets responded by saying the report affirmed their position that the stadium would make money, even though these is disagreement about how much.
