Saturday, June 02, 2007

real-estate cannibals

Oransky seeking to build - -- Here's another gratuitously stupid idea for what we now call an inner-ring suburb (that's a code word meaning urban minorities have leached over into it, and real-estate values are wobbling as middle-class flight occurs.). In a city where there are more than enough vacancies and foreclosures yet to be absorbed by the regular market, a "developer" (code name for a parasite who works the inside political angles) wants to interject new housing units, and use tax credits to boot, so that the net result will be less taxes being paid into some public fund somewhere and more older vacant residential units not absorbed until only way, way after the newer, more desirable units.

This whole approach no longer makes any sense. Witness Cleveland since 1997.

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