Five Borough Fraud

The city's Economic Development Corporation has announced that it's going to subsidize the expansion of Manhattan Beer-a company that's raking in the big bucks thanks to a monopolistic distribution system that insulates the company from any meaningful competition. Another indication, in our view, that the whole IDA edifice needs overhaul.

Here's the press release-thanks to the Observer's Eliot Brown: "“Helping our vital industrial companies to remain and expand in the City is one of IDA’s primary goals and creating jobs today is a foundation of the Five Borough Economic Opportunity Plan,” said IDA Chairman Seth W. Pinsky. “The benefits approved today will help to ensure that this growing New York City-based company continues to contribute to our important industrial sector by investing in an additional location and improved equipment and creating new, quality jobs for New York City residents. I am pleased that, despite obvious advantages offered by neighboring municipalities, Manhattan Beer chooses to stay in the City and that IDA can help to make that choice viable.”

Earth to Pinsky. Manhattan Beer wasn't going anywhere-and the use of these tax subsidies, when small businesses are hurting, is simply a total waste of our tax dollars. If this is the epitome of the Bloomberg five borough economic development plan we need to continue to hand out more food stamps.