You are using an outdated browser. Please upgrade now to a modern browser in order to benefit of all our site's features: Chrome, FireFox, Opera, Safari or Internet Explorer. [Close]

The Official Blog of Fox News Channel

$7M in Tax Dollars Spent on Vacant Building!?

Seven million dollars for an empty building? Are taxpayers paying for a giant waste of space? That's the question some people are asking about one building in NYC.

Since 2006, New York City, which has the largest pension system in NY, has spent a total of $7 million in tax payer money on an unfinished and unused backup headquarters … and the taxpayers are paying for it. In the next five years, they will have spent about $21 million in rent costs alone, not including the much needed renovations for this building.

Is the pension system in New York running on empty? Public pension expert Jonathan Trichter said we shouldn’t be surprised that we are spending that much money on a building that isn’t being used, and he thinks the board should be held responsible.

Trichter broke down how much they are spending. “This backup office is rented out at $500,000 or so a year. In addition to that, they’re spending about $4-or-$4.5 million on their main office. So, if you aggregate that over five years, you’re talking about a significant amount of money when it comes to their administrative expenses per year, which is about $50 million.”

The New York City Employees Retirement System (NYCERS) attorney has reportedly defended the project, saying the backup space is needed because of two fires and two floods that occurred at the headquarters.

Hear what Jonathan Trichter had to say:

Posted in: 
Leave a Comment0

Today's Front Page Stories

Don't want to keep checking back here for the latest from Fox News? That's cool. We'll come to you ...

Connect with Fox News

Subscribe

Stay connected with the most-trusted name in cable news through exclusive videos, blogs, polls, contests and behind-the-scene details.

Get More Fox!

Fox News Launches Redesigned App for iPhones, Androids

Now it's easier and faster than ever to keep up with the most powerful name in news wherever you are. Download the redesigned Fox News Channel app today on your iPhone or Android to watch Fox News and Fox Business Network live on your device! Click here for more information on how you can get the Fox News app.

Fox News Presents: 'My America with Elisabeth Hasselbeck'

Fox News Channel presents an exciting new feature series, My America with Elisabeth Hasselbeck. From the quirky to the inspirational, "My America" will reveal who we are as a nation – driven, passionate and uniquely American. Check out the latest installment: an inside look at Mutton Bustin!

Greta Is Wired!

GretaWire.com is the official blog of Greta Van Susteren. Get Greta’s breaking news alerts, pictures, videos, polls, and behind-the-scenes exclusives. Plus, speak out on open threads, as well as the live chat page. Connect to the GretaWire community ... and to Greta herself!