A proposed $1.4 billion football stadium for the New York Jets on Manhattan’s West Side would likely return at least $436 million less to New York City and New York State annually than residential towers on the riverfront site, a regional development group said.

“Residential and commercial development would be far more likely to produce greater benefits for the residents of the city and the region than the proposed stadium,” said today’s report from the Regional Plan Association, whose board includes former New Jersey Governor James Florio and Peter Herman, head of the real estate practice at the law firm Milbank, Tweed Hadley & McCloy LLP.

The stadium, which the Jets would build and own, is central to the city’s bid to host the 2012 Olympic Games. It also is part of Mayor Bloomberg’s project to spur creation of a new high-rise office and housing district between 31st Street and 42nd Street along the Hudson River through rezoning and $6 billion in public improvements.

The city and state plan to invest $600 million to build a platform over rail yards at the stadium site and put a retractable roof on the facility, allowing it to double as convention space for the adjacent Javits Convention Center.

“Everyone should be well familiar with this report – it’s been around at least 20 years,” Jets spokesman Matthew Higgins said in response to an e-mail seeking comment.

The association in July rejected pleas from city officials and published a study criticizing the stadium while supporting the Javits expansion and high-density, mixed-used development.