HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

Sports Stadiums Are Bad Public Investments. So Why Are Cities Still Paying for Them?

Views:1033
@ReasonVids

"Anybody that drives around Southern California can tell you the infrastructure is falling apart," says Joel Kotkin, a fellow of urban studies at Chapman University and author of the book The New Class Conflict. "And then we’re going to give money so a bunch of corporate executives can watch a football game eight times a year? It’s absurd."

When the Inglewood City Council voted unanimously to approve a $1.8 billion stadium plan on February 24th, hundreds of football fans in attendance cheered for the prospect of a team finally returning to the Los Angeles area.

On it’s face, the deal for the city of Inglewood is unprecedented—Rams owner Stan Kroenke has agreed to finance construction of the stadium entirely with private funds. The deal makes the stadium one of the most expensive facilities ever built and is an oddity in the sports world, where most stadiums require millions in public dollars to be constructed.

And while the city still waits to hear if it will indeed inherit an NFL team, the progress on the new privately-funded Inglewood stadium has set off a bidding war between other cities that are offering up millions in public subsidies to keep (or attract) pro-sports franchises to their area.

St. Louis has proposed a billion dollar waterfront stadium financed with $400 million in tax money to keep the Rams in Missouri. And the San Diego Chargers and Oakland Raiders have unveiled a plan to turn a former landfill in Carson, California, into a $1.7 billion stadium to keep the Rams from encroaching on their turf. While full details of the plan have yet to be released, it’s been reported that the financing would be similar to the San Francisco 49er’s deal in Santa Clara, which saw the team receive $621 million in construction loans paid for with public money.

Even the fiscally conservative Scott Walker is not immune to the stadium spending craze. The Wisconsin governor wants to allocate $220 million in public bonds to keep the Milwaukee Bucks basketball franchise in the area. Walker has dubbed the financing scheme as the "Pay Their Way" plan, but professional sports teams rarely pay their fair share when it comes to stadiums and instead use public money to generate private revenue.

Pacific Standard magazine has reported that in the last 20 years, the U.S. has opened 101 new sports facilities and stadium finance experts say that almost all of them have received public funding totaling billions of dollars. Politicians generally rationalize this expense by stating that stadiums will generate economic revenue and job opportunities for the city, but Kotkin says those promises are rarely realized.

"I think this is sort of a fanciful approach towards economic development instead of building really good jobs. And except for the construction, the jobs created by stadia are generally low wage occasional work."

"The important thing that we’ve forgotten is 'What is the purpose of a government?'" asks Kotkin. "Cities instead of fixing their schools, fixing their roads or fixing their sewers or fixing their water are putting money into ephemera like stadia. And in the end, what’s more important?"

Produced by Alexis Garcia. Camera by Garcia and Justin Monticello. Music by Jason Shaw.

Approximately 5 minutes.

Click http://reason.com/reasontv/2015/03/17/sports-stadiums-are-bad-public-investmen for downloadable versions and subscribe to Reason TV's YouTube Channel to get automatic updates when new stories go live.

joel kotkin
,
national football league (sports association)
,
football (interest)
,
stadium (project)
,
inglewood (city/town/village)
,
carson (city/town/village)
,
st. louis (city/town/village)
,
st. louis rams (professional sports team)
,
san diego chargers (professional sports team)
,
finance (industry)
,
reason (magazine)
,
reasontv
,
reason tv
,
scott walker (politician)
,
free markets
,
sports (tv genre)
    Thumbnail for Guantanamo Diary: Detainee Becomes Best-Selling Author11:34
    Guantanamo Diary: Detainee Becomes Best-Selling Author
    ReasonVids
    866 views
    Thumbnail for 3 Reasons We Shouldn't Bail Out Student Loan Borrowers3:33
    3 Reasons We Shouldn't Bail Out Student Loan Borrowers
    ReasonVids
    961 views
    Thumbnail for Stossel: The Deadly-isms3:25
    Stossel: The Deadly-isms
    ReasonVids
    881 views
    Thumbnail for Manchester United vs Real Sociedad | Europa League 2024/25 l eFootball pes 21 gameplay | Football Gamer Rony3:46:40
    Manchester United vs Real Sociedad | Europa League 2024/25 l eFootball pes 21 gameplay | Football Gamer Rony
    invidious
    112 views
    Thumbnail for Stalking Jefferson's Moose: David Post's New Book Might Just Blow Your Mind.8:50
    Stalking Jefferson's Moose: David Post's New Book Might Just Blow Your Mind.
    ReasonVids
    801 views
    Thumbnail for GET WizardCoder NOW! ChatGPT's Coding CLONE!? INCREDIBLE! | Aitrepreneur14:09
    GET WizardCoder NOW! ChatGPT's Coding CLONE!? INCREDIBLE! | Aitrepreneur
    invidious
    420 views
    Thumbnail for Hillary Clinton Is a Brazen Liar (in 30 Seconds)0:30
    Hillary Clinton Is a Brazen Liar (in 30 Seconds)
    ReasonVids
    857 views
    Thumbnail for Egg shell dish soap!? 🧼🤯 | Ms Shi and Mr He0:49
    Egg shell dish soap!? 🧼🤯 | Ms Shi and Mr He
    invidious
    83 views
    Thumbnail for Get that nigger off my plane0:45
    Get that nigger off my plane
    bestofvid8
    581 views
    Thumbnail for "The Skeptical Environmentalist": A Conversation with John Tierney and Bjorn Lomborg27:03
    "The Skeptical Environmentalist": A Conversation with John Tierney and Bjorn Lomborg
    ReasonVids
    875 views
    Thumbnail for Brandy and Mr Whiskers The Lion King42:36
    Brandy and Mr Whiskers The Lion King
    somepkmn-lovingdude
    238 views
    Thumbnail for Israel Daily News – War Day 389 | October 29, 2024 | ILTV Israel News25:00
    Israel Daily News – War Day 389 | October 29, 2024 | ILTV Israel News
    invidious
    145 views
    Thumbnail for Remy: I'll Be Missing You (Puff Daddy Incandescent Light Bulb Parody)2:30
    Remy: I'll Be Missing You (Puff Daddy Incandescent Light Bulb Parody)
    ReasonVids
    958 views
    Thumbnail for Carmageddon or Lameageddon? Billion Dollar Project Isn't Apocalyptic After All3:31
    Carmageddon or Lameageddon? Billion Dollar Project Isn't Apocalyptic After All
    ReasonVids
    946 views
    Thumbnail for J6 - Diversity Officer Aquilino Gonell (under oath):  “I was bleeding from both hands, [had] a maimed foot, hit on the head, sprayed with pepper and bear spray, beaten, punched, pushed, pulled, and assaulted."2:12
    J6 - Diversity Officer Aquilino Gonell (under oath): “I was bleeding from both hands, [had] a maimed foot, hit on the head, sprayed with pepper and bear spray, beaten, punched, pushed, pulled, and assaulted."
    AOUisgay
    454 views
    Thumbnail for Stone mason restores ancient cathedrals1:01
    Stone mason restores ancient cathedrals
    bestofupgoat
    86 views
    Thumbnail for In Feng shui when doors face each other - 门对门, it means there will be conflict! Fact or cap? | Dear Modern0:46
    In Feng shui when doors face each other - 门对门, it means there will be conflict! Fact or cap? | Dear Modern
    invidious
    124 views
    Thumbnail for Brutal Doom Mods Comparison | Alptraum12:09
    Brutal Doom Mods Comparison | Alptraum
    invidious
    367 views
    Thumbnail for The Vampire Economist and the Moral Molecule: Q&A with neuroeconomist Paul Zak5:35
    The Vampire Economist and the Moral Molecule: Q&A with neuroeconomist Paul Zak
    ReasonVids
    879 views
    Thumbnail for High Trust Society0:53
    High Trust Society
    AOUisgay
    468 views
    Thumbnail for Engineering students be like...(Part 2) | Zach Star6:57
    Engineering students be like...(Part 2) | Zach Star
    invidious
    361 views
    Thumbnail for [Yurtube Live] GLASSY 3살 생일 축하한다꾸! | 조유리 JO YURI1:27:22
    [Yurtube Live] GLASSY 3살 생일 축하한다꾸! | 조유리 JO YURI
    invidious
    225 views
    Thumbnail for June Jazz: Jazz and Bossa Nova active Summer to relax, study and work | Jazz Relaxing Music1:00
    June Jazz: Jazz and Bossa Nova active Summer to relax, study and work | Jazz Relaxing Music
    invidious
    263 views
    Thumbnail for Nostalgic0:27
    Nostalgic
    bestofupgoat
    273 views
    Thumbnail for  It Was All A Lie | Ride and Roast36:08
    It Was All A Lie | Ride and Roast
    Terrence Popp
    1923 views

points

Permalink
Reply
joel kotkin
,
national football league (sports association)
,
football (interest)
,
stadium (project)
,
inglewood (city/town/village)
,
carson (city/town/village)
,
st. louis (city/town/village)
,
st. louis rams (professional sports team)
,
san diego chargers (professional sports team)
,
finance (industry)
,
reason (magazine)
,
reasontv
,
reason tv
,
scott walker (politician)
,
free markets
,
sports (tv genre)
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle