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.
White Sox reliever Danny Farquhar passed out in the dugout after completing his outing against the Astros on Friday evening. The cause of the incident has yet to be determined, but Farquhar was supervised by the club’s medical personnel and EMTs and regained consciousness before being taken to Rush University Medical Center for further treatment and testing. A diagnosis has not been announced by the team.
Farquhar pitched 2/3 of an inning in relief during Friday’s 10-0 loss to Houston. He was brought in to relieve James Shields in the top of the sixth inning and was immediately bested by George Springer, who belted a ground-rule double down the right field line and scored Brian McCann and Derek Fisher for the Astros’ sixth and seventh runs of the night. He recovered to strike out Jose Altuve, but was again punished with a two-run homer from Carlos Correa (his first of two), and induced a fly out to end the inning.
The 31-year-old righty pitched just 7 1/3 innings with the club prior to Friday’s performance, issuing four hits, three runs, two homers and eight strikeouts in seven appearances.