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<blockquote data-quote="Jetset" data-source="post: 1235161" data-attributes="member: 12687">The biggest beneficiary here would have been Albany, which relies on the big money in NYC - including the tax revenue spun off of those pretentious restaurants - to fund the entire state. Wall Street alone, and the multiplier from their salaries getting spent into the economy, accounts for nearly 20% of the budget.The subway bill is coming due, and the annual transfers from downstate to upstate just to keep them afloat are ten figures. Things will be worse for most New York residents because this didn&#039;t happen, but most will not know that. In fact, I can tell you that a lot of people don&#039;t understand that it wasn&#039;t a warehouse full of minimum wage jobs and barely understand what kind of money is involved in tech and finance.Agree 100% about the unequal playing field, though. Unfortunately, it&#039;s an arms race when one local government starts cutting deals and others feel the need to compete. If it were illegal to do so, states and cities would have to think much harder about their tax structure. On the other hand, many businesses which operate under massive tax shelters in poorer parts of New York would also get wrecked. I&#039;ve seen department stores cut six-figure tax deals to create a few retail jobs. It&#039;s a mess.</blockquote>

[QUOTE="Jetset, post: 1235161, member: 12687"] The biggest beneficiary here would have been Albany, which relies on the big money in NYC - including the tax revenue spun off of those pretentious restaurants - to fund the entire state. Wall Street alone, and the multiplier from their salaries getting spent into the economy, accounts for nearly 20% of the budget. The subway bill is coming due, and the annual transfers from downstate to upstate just to keep them afloat are ten figures. Things will be worse for most New York residents because this didn't happen, but most will not know that. In fact, I can tell you that a lot of people don't understand that it wasn't a warehouse full of minimum wage jobs and barely understand what kind of money is involved in tech and finance. Agree 100% about the unequal playing field, though. Unfortunately, it's an arms race when one local government starts cutting deals and others feel the need to compete. If it were illegal to do so, states and cities would have to think much harder about their tax structure. On the other hand, many businesses which operate under massive tax shelters in poorer parts of New York would also get wrecked. I've seen department stores cut six-figure tax deals to create a few retail jobs. It's a mess. [/QUOTE]

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