[realcity]

This is how land developing happens in Hamilton.

1. A land speculator buys farmland on the fringe of the city. The offer is too good to refuse. Since it is 'unserviced land'. ie no sewers.

2. The new owner leases back the land to the farmer. The farmer continues to work the land. It pays for the low agricultural tax that is levied on the land.

3. The 'land developer' call them Land Speculator, lobbies the local government to extend the boundry, meaning build roads and sewers to the farmland.

4. The land speculator then puts up a cardboard sales office, gives the former farmland a marketable name like Meadowlands, Summit Hill, Forest Acres etc.

5. The sales office then takes money from someone wishing to purchase a new home. Then the house gets built by contract workers.

Where in this scenario is the land developer ever risking or investing any of their own money? Only at the beginning with this process is money really invested. And then at a low risk because the land is leased back to the farmer at basically cost.

This is why they don't invest and build downtown. This business model is all they know how to do.