Quick corrections.
1. Larry Dzieza was not speaking as the President of the Council of Neighborhoods Associations. I was speaking as a member of the community who cares about good public policy and fair taxation.
2. I don't pay $102 in property taxes. I pay almost $7,000 a year of which I object to paying $102 so that the rich investors don't have to pay it.
That is the main point: It is a Tax Shift.
Because of the way property tax levys are set, every single penny of the 8-year, market rate tax exemption is paid for by the other non-exempt tax payers.
The city and schools and libraries lose nothing. The investor class makes millions. The only losers are the general public who pick-up the tax tab for the investors.
When do the regular people get a break?
The city should end the 8-year market rate tax exemption and require developers to set aside units IN THEIR BUILDINGS for low and moderate income residents. They should not be able to kick-back a small percentage of their tax gift (5% really?) in order to create income segregated complexes for high earners and the wealthy.
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