Consider the Low Income Housing Tax Credit, created by the 1986 tax reform. This $9 billion credit masquerades as an antipoverty program, but it mainly subsidizes developers, investors and the financial industry.
To stimulate low-income housing construction, the federal government allots a share of tax credits to the states, which dole them out to selected developers. The credits cover part of the construction costs of multifamily housing projects. The developers must cap rents for a share of the units, so the benefits of the tax credit are meant to flow to tenants in the form of lower rents. Yet the developers usually sell the credits to banks and investors, often using syndication companies as intermediaries. The investors, developers and middlemen—not poor families—end up grabbing most of the benefits.
6 comments:
This has been going on since the Koch days, but is more significant now because of the current difficulties of building equitable housing and the redefinition of affordability and what constitutes being poor and middle class by the city planning contingent and for a brief time in the first few years of de Faustio's occupation, the agents of the city.
These predator developers referred here are soulless avaricious motherfuckers. Make that taxpaying citizen fuckers. This is what Nicole has to really focus on. Maybe she won't win, but at least it will bring awareness by the public and maybe by the attorney general and the FBI in de Faustio's next term
This is what happens when the government picks winners and losers.
Welfare comes in many forms.
It seems most are against it, unless of course it benefits themselves.
FREE GOVERNMENT MONEYS!
It is not free when someone else is paying for it...
Pierre Rinfret found Maria Cuomo was living in Mitchell Lama housing on 34th Street
No builder plans to build 'affordable housing'. The only stimulus for that is taxpayer supported subsidies and low interest loans for promising to set aside a portion.
If they let them all build the rent would go down. A glut of apartments would drive the price down. Keeping it artificially high keeps the rents high.
Anonymous said...
"If they let them all build the rent would go down. A glut of apartments would drive the price down. Keeping it artificially high keeps the rents high."
OMG,
say it ain't so
free market principals?
supply & demand
economics 101
finally someone was awake in economics class
that can't work with a commie running the show
EB5 visas, Kuschner/Trump
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