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diskimone t1_jbr1w1f wrote

Reply to comment by realbadaccountant in Fane Tower project in Providence is dead by Ph886

Taxes from what? The building itself was getting an enormous tax break to be built, and the people it was catering to work out of state or are students. Sure, there would have been a couple businesses on the first level, but not enough to account for millions in tax revenue. My whole problem with the entire boondoggle was there was no clear way for the city to make money on it.

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Proof-Variation7005 t1_jbt1bca wrote

A tax break doesn’t mean $0 in property tax. And residents who work for an out of state job still pay income tax. They still buy things and pay sales tax. They still patronize local businesses.

Right now, the city and state are on like year 12 of making $0 off that land. This project dying guarantees another 5+ years of that.

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realbadaccountant t1_jbspiip wrote

News flash: we want people from out of state with money moving here. They bring high education levels, improving the labor market and attracting business.

But even ignoring that point, the taxes would be from the businesses and people living in that building along with all the jobs building it would have created for several years, and the additional businesses that would have been able to open as a result of the influx of high earners providence sorely needed for its tax base.

But even ignoring that indisputable point, we need more units of housing EVERYWHERE at all levels. This is basic supply and demand. Now we get nothing for at least 10 more years. Watch as NIMBY heads explode at whatever new project is proposed. They will find some excuse.

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Oblivious-abe-69 t1_jbsy92j wrote

Luckily RI/Prov has some decent renters protections, like absent landlords pay more in taxes, collecting last months rent isn’t allowed. however with or without new housing eventually a lot of the less nice areas will get gentrified as more and more people move to the city

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