Report: City’s Financing for No. 7 Subway Line Risky
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The city’s financing method for the $2 billion no. 7 subway line extension sets a risky precedent, a new report says. Put out by the New York City Bar Association, the report questioned the need for the financing arrangement, for which the city sold bonds that are to be repaid with payments in lieu of taxes from buildings in Hudson Yards. If new construction does not proliferate as expected, the report said, the city could end up footing a large, unexpected bill of debt payments.
