As expected, a city agency approved a 20-year $328 million tax break for Related Companies' Hudson Yards megaproject. This particular exemption is for the site's North Tower and a 1 million-square-foot mall, while an earlier $106 million abatement was for the first tower to go up. Construction delays have, in fact, cost the city $100 million in expected tax revenue, according to the Independent Budget Office. And this is somewhat of a break from precedent, since the Bloomberg administration generally hasn't offered public subsidies for retail development. All of which is to say: "HY, you are getting expensive for taxpayers, so you'd best be worth it." [Bloomberg; previously]
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