Quote:
Originally Posted by sirkingwilliam
I think the last paragraph of that sentence is most important.
The incentives are not as bad as people seem to want to make them out to be.
Plus, these incentives are/were open to developments offering affordable housing. The problem is, downtown is too expensive to development with regards to housing that a developer is going to require a high price point just to make a profit. A developer has to be greatly subsidized in order to even think about offering below market rate prices within downtown.
|
Agreed. I will state. though, that in New York City (until Giuliani was mayor, anyway, and less so since) there has always been a certain percentage of the buildings that have to be affordable to receive certain tax breaks. Aside from trying to make things not ridiculous for those who are VPs of companies, a downtown will stop being vibrant if the only people who live there are corporate types. Yes, they can afford expensive meals at nice restaurants, but they're rarely the artist types who actually help make the neighborhood cool. The point is there are some things you can't quantify in a balance sheet.
