Wellllllll, the MTA didn't actually propose doing that, their executive director propsed that they do it and the Board did not vote to adopt her plan. They still have a month to mull, as do the Jets.

CHeck out the NY Times article nytimes.com/2005/07/30/nyregion/30mayor.html

The Jets proposal is dead. Bloomberg is now officially backing the MTA's proposal to build a platform and sell the development rights to the highest bidder for a mixed used residential/office space development. Wow. What an amazingly undramatic ending to one of the most fascinating land use sagas in NYC history. As Don King might say, the "trickeration" has come to an end (at least one hopes so). I anticipated this. Once the Olympic hype died down, the Jets' proposal was going to have zero political support. Add to that almost unanimous public opposition, plus the fact that the MTA stands to make $1 billion plus in a bid that is conducted properly and fairly (unlike the rigged process the Jets benefited from) and Bloomberg came to the obvious and proper conclusion, one he and Doctoroff should have reached years ago - a stadium is the most ridiculous building to build on the last large piece of undeveloped waterfront property in Manhattan. Selling the rights to build it for $350 million when your own appraiser tells you the site is worth $1 billion plus is even more ridiculous. It would serve Bloomberg right to suffer politically from his ill-founded support for the stadium and being so eager to back an obviously shitty deal for taxpayers, but he won't. New Yorkers are too forgiving.