By Mark Ruffing
In our new world of upside-down mortgages, the building of the new City Hall—and now the resulting debt service to pay for it—has become the elephant in the room that no one wants to talk about. Individual City departments are expected to pay approximately $1.1 million per year toward the debt service for the new City Hall. That’s $1.1 million per floor, multiplied by 18 floors at the City Tower, and additional floors at the City Hall Wing. Meanwhile, the old City Hall lays vacant.