New York Times, Kelo takings of property, and corporate welfare
Interesting... the present site of the NY Times headquarters building was obtained by having State agency condemn the land, evicting a mass of small businesses, and having the agency give the Times a 99 year lease for a fraction of its value.
Nobody tried to buy from the small businesses voluntarily; condemnation was cheaper than a voluntary transaction.
"''They never even came to ask if I wanted to sell,'' said Joseph Orbach, who has owned the 16-story building at 265 West 40th Street with his brothers, Markus and Sidney, since 1978. ''They're just taking it.'' There are some 30 tenants, including architects and engineers.
At a condemnation hearing on Sept. 24 and in later interviews, owners expressed anger that a large corporate neighbor, The Times, was getting the benefit of a fully assembled 80,000-square-foot development parcel at a price of $84.94 million, in addition to city incentives that may reach $29 million."
(Some say the tax subsidies will be nearer to $79 million). One architectural report explains, "The New York Times Company wants a headquarters building that befits its position in the media industry, in the city, and in the world." A Times spokesman explained it had a it had a duty to seek profits for its shareholders: "as long as these kinds of incentives continue to exist, it is incumbent upon us, as a publicly held company, to seek the benefit of those incentives for our shareholders."
I wonder how the Times would treat any other corporation's statement to that effect.... then, as Mel Brooks observed, "It's good to be the king!"