The BBC reported today that New York City is giving the financial company J. P. Morgan Chase $50 million over the next 15 years, totaling $750 million, in rent subsidies so that they do not move their headquarters to Connecticut. The city has also payed Goldman Sach's $650 million to build new offices. (This construction is to replace their offices lost on 9/11)
This isn't the first time we have seen corporate welfare, Walmart has been infamous for this practice. But why give the money to for profit corporation when you could use to benefit the middle class and poor of the city who are paying some of the highest housing rent prices in America. Where are their rent subsidies?
Subscribe to:
Post Comments (Atom)
2 comments:
Personally I think subsidies keep prices higher. If everyone moved out of NYC, prices would have to go down eventually because I don't think there would be enough rich people to fill the houses. And anyway, subsidies work for the very poor, but if every Tom, Dick, and Harry gets a subsidy, Mr. Rent Owner just ups the prices because he knows there's money to pay it. It's a vicious cycle.
Subsidies for poor are a whole different story though. The subsidies for rich for profit corporations should be made illegal ASAP. Why are we giving our tax dollars to extremely profitable corporations while our schools are falling apart, our health-care is out of control, along with a whole lot of other problems. Let's stop corporate welfare and spend the tax dollars on the public.
Post a Comment