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Originally Posted by Sic'EmBears
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Unfortunately, according to that same article, "We wanted to put an affordable housing project on the site to permanently support that housing need, but we didn't score high enough for tax credits and we had some neighborhood opposition," said Hamilton, who is the founder and CEO of Hamilton Properties Corp." Dallas is in desperate need of affordable housing in order to keep a vibrant downtown. Urban planners and city mayors across the US have voiced extreme concern that the creative and working class are being priced out of these neighborhoods, which ultimately spells doom for the cultural vibrancy of the community.
Furthermore, the article spells out that FDI is the primary source of funds, specifically from Turkey and Afghanistan. While I welcome investment and immigration from Muslim nations, I do wonder about the rate at which the real estate in Dallas is being bought up by foreign investors. Are we going to be experiencing the same issues that Cancun's Zona Hotelera is? Where the money made gets sucked out of the region? I wish more people would think about these things before getting giddy about development for the sake of development.