More tax breaks does not equal more jobs.
That's according to State Comptroller Thomas DiNapoli's latest report on New York's industrial development agencies (IDAs).
In his fifth report on IDAs [PDF], DiNapoli says the number of jobs created by the local economic development engines dropped by 22,000 from the year before.
DiNapoli also cites a $483 million gap in what IDAs gave out in tax breaks and how much they took in via payments-in-lieu-of-taxes (PILOTs).
That breaks down, the report finds, to a $2,659 cost per job - up 9 percent from the year before.
"Taxpayers are not getting enough bang for their buck when it comes to IDAs," DiNapoli said in a statement.