When an NFL team wants to build a new stadium, it often argues that the facility would boost the local economy.
But that is not true, says Roger Noll, a Stanford professor emeritus in economics. [...]
"NFL stadiums do not generate significant local economic growth, and the incremental tax revenue is not sufficient to cover any significant financial contribution by the city," said Noll, a senior fellow at the Stanford Institute for Economic Policy Research.
— stanford.edu
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economost, love it
https://www.youtube.com/watch?v=xcwJt4bcnXs
Common knowledge, especially the long-term loss of revenue from tax incentives given to the developer. Aside from the fact that NFL, MLB, etc. are all non-profit organizations.
In other news, Ricky Martin claims he is gay!
look-up Harrison NJ and the NY Redbull soccer team stadium. someone got screwed.
another source? every single study of the subject ever done, ever and ever amen
whoa, not sure what happened to my other comment. that looks like some bad writin'.
anyway - the point is that there have been literally dozens of stadiums either partially or fully taxpayer-funded on the basis of some pie-in-the-sky "it'll boost the economy" claims, and they almost never do. if they made sense financially, the sports teams would build them themselves...but they never do that.
i love sports, but they are boondoggles, without exception. period.
Subsidizing Billionaires: How Your Money is Being Used to Construct Professional Sports Stadiums
Bankruptcy Hasn’t Stopped Detroit’s Plan for Public Funding of New Sports Stadium
In the last 20 years, billions of public and private dollars have been spent building sports stadiums across the United States. Proponents of a new stadium often cite economic development benefits that will be associated with the new stadium. Academic economists have not found statistically significant relationships between various measures of economic growth and stadium construction.
source:
Public Funding of Sports Stadiums
Policy Brief: 04-30-08
By Sarah Wilhelm, Ph.D.
Economic Research and Consulting
^The only thing worse are the ones that are LEED Certified.
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