Your reading of the motivations of NYC pols may or may not be correct; but either way the result was.Had nothing to do with the 'subsidy'/'incentives'. Appears to be because all of the politicians were not really on board and were all fighting for the spoils.
You can pretty much translate 'no subsidy for billionaires' to 'no money&power for me and mine'. See Michael Gianaris.
NYC had no compelling reason to subsidize Mr Besos
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