Quote:
Originally Posted by TheHonestMaple
Really hoping the city sells the property cheap to a developer, like what other cities have done to encourage gentrification and further development.
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I've toyed around with a concept about this. City of Hamilton buys property for $500,000 for example sells to developer mortgaged over 30 years, no interest. This would make it cheap for a developer, or someone looking to invest to buy it. The additional property tax would take the place of interest, and would be far higher than interest would be. This would speed up investment and in the longer term would be a huge benefit.
Obviously this could be changed to different years (30, 25, or 20, or even 5 or 10). But I think this city needs to do a little more to incentivize development. They could add caveats to the purchase such as affordable housing units, affordable local commercial units, must be developed within a certain time span, et cetera. This would allow the city to dictate use and affordability with this gentrification as well which is a huge problem in the city, pushing long term residents out.