The main hurdle to the plan was the Met's reluctance to commit to the development by buying leases from existing tenants and handing the leases over to Columbia. Rockefeller stood to lose $100,000 per year (equivalent to $ million in ) if he leased the new opera house. Todd had objected that the opera house would be a blight rather than a benefit for the neighborhood, as it would be closed most of the time. After the stock market crash of 1929, these concerns were mooted: the opera could no longer afford to move. The Met instead suggested that Rockefeller finance their relocation by purchasing a half-interest in the old opera house and the land under it, an offer that he refused. On December 6, 1929, the plans for the new opera house were abandoned completely.