Jimmy_kong253 t1_jcaa5sd wrote on March 15, 2023 at 12:33 PM

Reply to comment by ahtasva in New rail station to be built ahead of delayed PATH Newark Airport extension by 66nexus

I don't want them to go elsewhere I want tax abatements for private companies to be banned outright. If you know your development is going to charge $2k or more for units honestly you don't need a tax break and if you're whole business profit plan depends on those tax breaks in the first place then you shouldn't be in business. I'm against the shifting of taxes on the ones who can't afford it

Newarkguy1836 t1_jcj6bek wrote on March 17, 2023 at 5:27 AM

Banks don't lend money developers based on how much they're going to charge for rent. They lend based on How likely they are to make a return profit & potential risk on the money they loan to developer.

Tax abatements and pilot programs lower the risk to Banks, allowing them to lend more easily in areas they consider high risk and traditionally redlined.