Taxpayer-subsidized parking at Yankee Stadium going belly-up?
Photo: Ben WHere in D.C., Nationals fans are used to having their view of the Capitol blocked at Nationals Park by the giant, mostly empty parking lots that loom over center field. And now owners of parking lots at the new Yankee Stadium may default on taxpayer-subsidized bonds because it’s much cheaper and much easier to take public transit instead:
A default could set up a seizure by bondholders and would leave the garages’ future in question. The property, which covers some 21 acres, was part of parkland taken over to make way for the current incarnation of Yankee Stadium.
The potential irony has some in the community seething.
“Our community loves its parks, and we could always use more,” said Pastor Wenzell Jackson, chairman of Bronx Community Board 4, which includes the stadium and the surrounding area. “Now there’s just empty parking garages that are not benefiting the community.”
Of course some parking is needed at a stadium. But why not build just a handful of spaces and let the market drive the rest? If there’s really a screaming need for parking, a private developer will build a lot or existing lots will adjust to offer game-day parking.
Instead, at both Nationals Park and new Yankee Stadium, massive empty lots waste prime real estate, block views, and send millions in development dollars down the drain.