It Starts In A Hole

Maybe you were wondering how the City will pay for the $2.1 billion 7 train extension to an undeveloped part of Manhattan. So are they:

Now that there are a handful of giant holes under Chelsea for the line, and soon to be two drills that are making tunnels, the likelihood that the project will actually come to fruition is increasing substantially (though no one has agreed to pay for cost overruns yet). But with the economy in shambles, the question becomes how quickly — or slowly — development will sprout up on the far West Side.

This is more than just an academic question. To fund the $2.1 billion budgeted for the extension, the city sold bonds that are to be repaid with the extra taxes expected from all the new development on the West Side. If development takes years to begin — or never happens — the city would need to use money out of its budget to pay the $100 million or so annually in debt service, adding to an already high debt burden.

At the announcement today, the mayor delivered what sounded like a slight plea to developers to get building again.

“If anybody’s a developer out there, and if you want to know a good time to start, I can’t think of a better time,” he said. “People are ready to take the jobs, you can buy concrete and steel a lot cheaper than you could have before, and you’ll have these buildings ready when our economy comes roaring back and people are going to need space.”

He Tackled Transfat, Traffic Congestion And Now Climate Change

Time was, mayors cared about snow removal and potholes, but jeez, you know what, I’m sold — deliver him a third term already:

The streets of New York may look more like the canals of Venice in the coming decades as temperatures — and water levels — rise to dangerous new heights, according to a report released today by a panel of scientists assembled by Mayor Bloomberg.

Similar to a scary sci-fi movie, the scientists said water levels around the city could rise by two feet or more in the coming decades and average temperatures likely go up at least 4 degrees, according to a report by the New York City Panel on Climate Change.

“Planning for climate change today is less expensive than rebuilding an entire network after a catastrophe,” said Bloomberg. “We can’t wait until after our infrastructure has been compromised to begin to plan for the effects of climate change.”

Would You Give This Man A $550,000 No-Money-Down Mortgage?

But who are we to judge if this somehow saves us all from Great Depression II:

Marlo Saab bought a $555,000, two-family home in Queens three years ago — no money down.

Now, teetering on the brink of defaulting on his mortgage, Saab is looking to President Obama’s plan for struggling homeowners to help him hold on to his house.

“I think that his plan gives us hope,” said Saab, 40, a computer technician. “I just want a little help not [to] go down the drain.”

When he bought the Jamaica Hills house, Saab got an 80/20 mortgage — splitting his borrowing between two lenders, IndyMac and Countrywide — for a total of $3,400 in monthly payments.

He makes $80,000 a year and says he has a healthy credit rating. The Saabs have rental income and they’ve paid off their car.

However, Saab’s overtime has been slashed. His wife is looking for work. The couple also have renovated their home and spend $10,000 a year to send their two kids to Catholic school.

Saab has racked up $70,000 in credit card bills and borrows from family and friends to make his mortgage. He has never missed a payment, but he’s not sure how much longer that can last.

I’m pretty sure this is supposed to be a “positive” story, too . . .

And With That, A New Bar Game Emerges . . .

. . . specifically, Would you chop off your leg for $2.3 million? Like what happened to this guy:

A Brooklyn man whose right leg was ripped off by a train after he drunkenly ended up on a subway track has been awarded $2.3 million by a Manhattan jury.

. . .

His lawyer argued the train’s motorman had time to stop when he caught a glimpse of the man on the tracks from 180 feet away.

“He thought it was garbage,” said lawyer Andrew Smiley.

[The plaintiff] had a sky-high blood-alcohol level of 0.18 and didn’t recall arriving at Union Square, where he was hit by an N train.

“They’re not allowed to hit you just because you’re drunk and on the track,” Smiley said. “That doesn’t give the Transit Authority a free pass.”

Too Bad, Because The Three Things Voters Hate Most Are Hypocrites, Liars And False Modesty

Whatever happened to “I am not a very good politician”? That was so three years ago:

Mark Green — New York City’s public advocate from 1994 to 2001, who famously sparred with Rudolph W. Giuliani before narrowly losing the 2001 mayoral race to Michael R. Bloomberg in the aftermath of the 9/11 attacks — formally declared on Tuesday that he was running to get his old job back.

Mr. Green made his announcement in a four-minute video and a letter addressed to his supporters and the news media on his Web site. “In a time of crisis, the City needs leaders who combine proven experience with new ideas,” he said.