Two points not made clear in this article:
1. "Tax breaks for developers" sounds benign, but it isn't. Every penny not paid by the developers is paid by the rest of us -- just added to our property tax bills. But not shown separately on our tax bills so we can see how much we are subsidizing developers.
2. The 12-year property tax exemption does require at least 20 percent of the units to be for moderate income people. But only for 12 years. For the rest of the developments' long life there are no such limitations -- these units become market-rate.
Another point not made is that these subsidies inflate land values. If they weren't available, developers would pay less for land. Great for land speculators, not for everyone else.
Bob Jacobs
Please explain the inappropriate content below.
