In NYC, landlords intentionally blight thriving neighborhoods, forcing out long time tenants, leaving stores vacant to drive down property values until corporations come in and make it completely unaffordable for all but the wealthy. Has been going on forever.
Yes.
And people should go read @adamscrabble's threads on how Amazon ultimately doesn't even pay the taxes they promised.
Adam is a (highly successful) capitalist, and people should stop repeating generic talking points and learn how this stuff really works.https://twitter.com/UsenetU/status/1099842326405365760 …
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LAND. VALUE. TAXES. If you don't like the game, change the rules.
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When they are INTENTIONALLY driving down property values and the roperty tax assessments in one part of a borough unfairly impact those in another, its outright theft.
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This means landlords can't afford to sit around waiting for someone to buy out the property because they pay the same tax regardless. So they're less likely to let their properties go to pot.
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Property maintenance codes should take care of landlords letting their property “going to pot “. I’ve not ever encountered a city that benefitted from less competition , no matter the sector. Detouring big box retailers only helps a few.
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Should, but often don't. Laws and codes are only as good as their enforcement mechanism, which is why I prefer economic incentives. Ironically LVT would also disincentivize urban big boxes because they tend to have HUGE land footprints, therefore more tax.
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Codes where I live are just now being taken seriously by cities. Shuttered businesses still must comply with codes or risk being fined or ,to an extreme , condemned.
End of conversation
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Less than 50% of companies deliver the number of jobs promised when creating tax break deals with states.
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Could they build more apartments?
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Yeah, tech companies pull a sophisticated version of the Hollywood accounting that structures entire office sites as cost centers vs a profit centers.
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