The Tax Benefits of a Pilot Bond Deal in Syracuse

Cato Institute's Mark Joffee: A large shopping mall in Syracuse, New York has gotten an enormous amount of tax benefits. He says when COVID hit and the patronage of the mall really fell off a deep end, it is virtually on the edge of defaulting upon these pilot bonds that were issued several years ago.Joffee: And ultimately Syracuse, I think, is going to be really in a world of hurt because not only is this mall losing patronage from just general economic factors, they're also demolishing the interstate that goes near this mall.