NY Should Curb Subsidy for Billionaire-Owned MSG, Report Says

New York’s subsidies for Madison Square Garden, run by billionaire James Dolan, have cost taxpayers nearly $1 billion since the mid 1980s and no longer make economic sense, according to a report from a city budget office.

In 1982, New York gave the property-tax exemption to Madison Square Garden, home to hockey’s Rangers and basketball’s Knicks in an effort to prevent professional sports franchises from leaving the city. But the incentive is no longer necessary because the teams probably couldn’t earn as much money if they moved elsewhere, according to the July report.

“It is unlikely that the ...