I read your editorial editorial (“Time to show the math behind funding the much-needed Penn Station overhaul,” published May 17) regarding the proposed upgrading of Penn Station.
Unfortunately, there was a mischaracterization of the financing structure of Hudson Yards: an initiative designed to catalyze billions of dollars of private investment through the funding of public infrastructure, including the extension of the 7 line and a community park.
While the city did guarantee the Hudson Yards debt and initially paid $360 million in interest support, these payments ended in 2016. That is the extent of the out-of-pocket investment the city made toward the infrastructure. Since 2016 project revenues have
→ Continue reading at Crain's New York Business
