Now in my opinion, one of two things need to happen: 1) Bloomberg should tell the Yanks to have A-Rod pay for the balance on the new stadium. or 2) 8 million New Yorkers should have a say the next time the Yankees what to try to spend their way to the world series. (that should be in about 2 months when their pitching staff really starts to have problems. CMW is out indefinitely and having no idea what the young kids will do, getting a quality starter has just become necessary to get to the playoffs.)
$350 million is a lot of money that could do a lot of good for this city. Improving education and infrastructure should be the top priorities for the city over the next ten years. Preserving the naming rights to a baseball stadium in the Bronx should not be a priority. After all the Mets are having Citigroup pay for a portion of their new stadium.
I think the Yankees could survive with a stadium that costs $1.3 billion to build. (This is the current tab on the stadium thus far.) I hope Bloomberg doesn't cave and give the Steinbrenners their handout.