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Stock impact report

San Antonio: Do Stadium Subsidies Reward Billionaires Or Communities? [Forbes]

Airbnb, Inc. - Class A (ABNB) 
Company Research Source: Forbes
Proponents claim subsidies yield significant local economic benefits, even though decades of economic research says sports subsidies don't pay off. Instead, public dollars become private assets for billionaire owners, taking scarce funds that could go to better economic development and community investments. San Antonio is the latest—but very likely not the last—award to wealthy owners, where voters narrowly approved hundreds of millions in public dollars for the NBA's San Antonio Spurs. Community groups led by COPS/Metro , an affiliate of the Industrial Areas Foundation, fought the subsidies but couldn't overcome pro-subsidy advertising and misleading economic studies. Subsidies may be a permanent feature of local spending, and community organizations and taxpayer advocates should fight for enforceable Community Benefits Agreement (CBAs) for these tax giveaways. Economists Find Stadium Subsidies Don't Pay Off Decades of economic research on sports subsidies finds the costs ou Show less Read more
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