We have long criticized the wasteful spending on ex-Gov. Andrew Cuomo’s Buffalo Billion projects, particularly the SolarCity plant, which has been the highlight of this endeavor. However, we were truly shocked by The Wall Street Journal’s recent report on the sheer magnitude of this madness.
New York taxpayers have footed the bill for a colossal plant that spans nearly 1.2 million square feet and stretches a quarter-mile long, costing almost $1 billion. To exacerbate matters, the state has now sold off $240 million worth of outdated equipment from the plant and is currently receiving a mere $1-a-year lease payment for the site.
The plant was initially projected to produce an impressive 9,000-10,000 solar panels per day. However, due to the solar industry’s failure to boom as Cuomo had envisioned, the plant is currently managing a paltry 21 installations per week. Furthermore, it falls far short of the promised employment numbers, with only a fraction of the 3,000-plus workers that Cuomo had pledged eight years ago. In reality, the plant predominantly employs Tesla data analysts who are required to be on-site solely to meet the bare minimum obligations set out in the original agreement.
Despite promises that the plant would attract numerous new businesses to the area, the only one that has actually materialized is a coffee shop. In a scathing report from August 2020, state Comptroller Tom DiNapoli revealed that the state would only see a meager 54 cents in “economic benefit” for every dollar spent on the plant. These revelations should undoubtedly raise concerns about Gov. Kathy Hochul’s ambitious “economic development” scheme, specifically the Micron Fab 8 chip-manufacturing project in Malta, which is already showing signs of falling short on the promises made during the governor’s election year.
A sensible approach to economic development entails creating a business-friendly environment characterized by low taxes, predictable regulations, and affordable, reliable power. Regrettably, New York’s approach is precisely the opposite, as the state hampers businesses at every turn while attempting to predict the industries of the future and incentivize them through taxpayer funds. It is no wonder that the state continues to lose ground in this regard.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
