Weíve heard this one before

Sure it’ll cost a lot, but it’s worth it! … Are you sure? Supporters of the proposed $1.4 billion Jets stadium project on the West Side issued a study yesterday asserting that the stadium – which would also serve as an exhibition hall and a locus of a possible 2012 Olympics – would encourage new housing, shops and office buildings in the area. The study, paid for by the city’s contractors, builders and construction unions, notes that stadiums in many cities have been economic failures but predicts that the Jets football stadium would be as successful as Petco Park in San Diego, Jacobs Field in Cleveland and Heinz Field in Pittsburgh. Same thing is going on in D.C. For why this is a bad idea, see this and this, as well as this University of Dayton (pdf) study which concludes: “continuance of large public subsidies cannot be justified on economic grounds.”