Quote:
Originally Posted by buckett5425
The Wisnia projects were backed by low interest HUD loans, that require almost no capital, and Fed/State tax credits. That is NOT free market.
The only winner here was Wisnia, who benefited from socialism for the rich and flipped the properties at first chance, pocketing the equity. Again, that is not free market.
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There are rules and regulations he followed to redevelop the property. He still took a risk to redevelop the Saratoga which many people may not appreciate now but at the time that area was a literal no mans land. The incentives the government offered helped to spearhead redevelopment of that portion of the CBD. So tax incentives were used to encourage the free market to take chances on that area of town and it paid off longterm for the city.