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Subsidies for the Diamond District

by Kathleen Horan

NEW YORK, NY November 14, 2006 —Some of the city's diamond dealers are concerned about a vote by city economic officials today. The city is set to authorize tax breaks for a modern 40 to 50 story complex right in the middle of bustling strip on 47th street between 5th and 6th Avenues. The street is home to many families who've bought, sold and cut diamonds for decades. As WNYC’s Kathleen Horan reports, giving city funding to an outside developer is not exactly welcome news to some in the bling business.


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