The Yankee Stadium parking garages are losing money

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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.

Report: Diamondbacks acquire Steven Souza from Rays; Yankees land Brandon Drury

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Update (6:35 PM ET): This is a three-team deal also involving the Diamondbacks, per Nick Piecoro of the Arizona Republic. The Diamondbacks will receive outfielder Steven Souza from the Rays and second baseman Brandon Drury will head to the Yankees. Lefty reliever Anthony Banda will go to the Rays, Piecoro adds. The Diamondbacks will also receive prospect Taylor Widener from the Yankees, per Joel Sherman of the New York Post. MLB.com’s Steve Gilbert adds that the Rays will get two players to be named later from the D-Backs.

Souza, 28, is earning $3.55 million in his first of three years of arbitration eligibility, so the Rays are presumably saving money in moving him. Last season, Souza hit a productive .239/.351/.459 with 30 home runs, 78 RBI, 78 runs scored, and 16 stolen bases in 617 plate appearances. Souza’s arrival almost certainly pushes Yasmany Tomas out of a starting gig.

Drury, 25, has played a handful of positions in his brief major league career. Last year, he played second base in Arizona, batting .267/.317/.447 with 13 home runs and 63 RBI in 480 PA.

Banda, 24, made his major league debut last season, posting an ugly 5.96 ERA with a 25/10 K/BB ratio in 25 2/3 innings. The peripherals suggest he pitched better than his ERA indicated.

Widener, 23, was selected by the Yankees in the 12th round of the 2016 draft. This past season with High-A Tampa, he pitched 119 1/3 innings and posted a 3.39 ERA with a 129/50 K/BB ratio. MLB Pipeline rated Widener as the 14th-best prospect in the Yankees’ system.

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Robert Murray of FanRag Sports reports that the Rays will acquire second base prospect Nick Solak from the Yankees. The Yankees’ return is presently not known.

Solak, 23, was selected by the Yankees in the second round of the 2016 draft. He spent last season between High-A Tampa and Double-A Trenton, hitting a combined .297/.384/.452 with 12 home runs, 53 RBI, 72 runs scored, and 14 stolen bases.

MLB Pipeline ranked Solak as the eighth-best prospect in the Yankees’ system and the fifth-best second base prospect in baseball, praising him for his ability to hit line drives as well as his speed.