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The High Price of Empty Office Space: Billions in Tax Breaks, With More to Come

Back when the opulent Hudson Yards district on Manhattan’s West Side was still a rail yard, Mayor Michael Bloomberg’s budget director was asked why he thought tax breaks were necessary to start up the project.

Mark Page, keynote speaker at The Bond Buyer’s 4th Annual Conference on Metro Finance in 2006, had a simple answer for his audience of investors and analysts…

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