Nassau residents will vote today on whether to spend $400 million to build a new arena for the New York Islanders, as well as a new minor league baseball stadium and a convention space.Of course, Nassau residents are in a Catch 22 — spend hundreds of millions of dollars to build an arena that will never provide the promised economic benefit or risk losing the Islanders to another city.
The New York Times has a good article on the issue, including this key passage:
As cities like Cincinnati, Houston and Seattle have learned, the construction of stadiums and arenas almost always costs more than expected, rarely produces the economic benefits initially promised and can saddle local governments with tens of millions of dollars in debts, driving holes through budgets.
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