Your point, as best as I can discern it, is that you agree with supply side economics generating more housing and that when the market becomes distorted by the government subsidy, over supply will occur. That is exactly what the city believes too. The over supply will drive prices down is their theory.
I framed it as: "The city subscribes to the failed “trickle-down” economic theory of supply-siders that more housing at any price point will force down housing and rental costs."
I don't subscribe to that theory. The City's purely theoretical snow globe view of supply and demand doesn't survive contact with reality.
The incremental incentive from the tax subsidy applied to the VERY small market of Olympia is absurd. We live in a big housing market cachement. There are people moving here from California, Oregon and many more from Tacoma and Seattle looking for high-end multi-family units and single family homes that Olympia's "lower cost" housing costs looks like in comparison to the housing markets they come from. They are driving up costs for housing here and this was accelerated when COVID made remote work more common.
The tax breaks will make no meaningful contribution to lower housing costs due to the small incentive's effects on inducing more construction. Especially for the higher-end market which is what the 8-year MFTE is all about. They will make the current residents pay more for the taxes on their homes and indirectly, the rentals to cover the costs from the gift from the city.
I can't really comment on the ugly buildings but I get that some can be seen that way. But from the inside looking out, I will say that the building i used as an example looks fabulous. You can check out around 60 pictures here: https://www.zillow.com/apartments/olympia-wa/harbor-heights-55%2b-community/9VdPq3/
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