Would the developers who used this subsidy have built the projects anyway? We won't know that since they are happy to take the help. This tax shift hurts low income people who own their homes by increasing their taxes. A landlord who has an increase in taxes will pass that along as a rent increase. If this incentive was targeted at assuring an increase in low income housing units, it might have some merit. But it is not doing that. The Council should adjust this program to require the housing units be low income, or some portion of them be low income, for the life of the project.
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