Quote:
Originally Posted by John Mercier
Because you can either add new housing or just accelerate the market value of the existing. Technically, the economic dynamics of capital suggests that new housing will stabilize price acceleration by addition of supply to balance demand.
From a property tax standpoint it broadens the base... it would be up to the city to control demand on the resources. But unless they attract a lot more children placing pressure on Elm Street, the Middle School, and less likely the High School... I can't really see the budgetary downside.
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Southdown/Long Bay and other major developments, you would think they would lower the tax rate, but instead, we built the Taj Mahal type fire department and other extravagant spending, the tax rate went up despite the increased tax base! I don't see where the average joe can benefit!
Woodsy made a point, we have very little market-rate housing on the market and market-rate rental is also in high demand. How is building 750K condos going to benefit us? I know for a fact most of the seasonal summer help in the area that came from out of state cram themselves into small apartments or buildings in order to survive! I was told by the fire dept that this is common and it is a fire hazard! I'm all for affordable housing!