New York City issued a bunch of bonds to build parking garages around Yankee Stadium. Seems that way fewer people are parking in them than expected, however, the garages have lost money both last year and this year and now it looks like the garage operator is going to default on rent payments to the city and bondholders are going to get stiffed as a result.
One way to look at this is to say that you’re pretty much a moron if you’re buying bonds backed by parking garage receipts at a facility with ample, cheap and convenient mass transit next door.
Another way to look at it is that this is just another example of public money being wasted on ballpark and ballpark-related projects. Because — as Neil deMause notes at the great Field of Schemes blog — even if it’s the bondholders and not the city who are left holding the bag here, the city issued bonds that are likely to end up in default, and that will make it harder and more expensive for the city to issue bonds for other projects in the future.
The Indians announced on Wednesday that second baseman Jason Kipnis has been placed on the 10-day disabled list with a strained right hamstring. Infielder Erik Gonzalez was called up from Triple-A Columbus.
Kipnis, 30, has been bothered by the hamstring for the last two months. He had to be pulled from Tuesday’s game with renewed tightness. The veteran is hitting .228/.285/.409 with 11 home runs and 30 RBI in 335 plate appearances on the season.
Gonzalez, 25, has a .263/.272/.400 triple-slash line in 82 PA in the majors this season. He provides versatility for the Indians as he’s played second base, third base, shortstop, and both corner outfield positions as a member of the Tribe.
The Red Sox placed outfielder Jackie Bradley Jr. on the 10-day disabled list with a sprained thumb this afternoon.
Bradley’s left thumb got bent back awkwardly as he slid into home plate on Tuesday night in Cleveland. X-rays came back negative, but an MRI taken Wednesday morning in Boston revealed the sprain. It’s unclear at this point how long he might be sidelined.
Bradley is hitting .262/.343/.432 with 14 homers and 54 runs batted in on the season. Andrew Benintendi is likely to take over in center field for Bradley, with Chris Young and Brock Holt sharing time in left.