Share your opinion about Fane TowerSubmitted by quinntronix t3_10aumg4 in RhodeIsland
quinntronix OP t1_j46cy1z wrote
Reply to comment by jimmygreen717 in Share your opinion about Fane Tower by quinntronix
This project is for luxury housing, not affordable housing (there’s no shortage of luxury condos). The project and developers are probably getting away tax free for decades like most developers in town. In 5-10 years the people who live there will pay taxes and shop at restaurants yay!
GotenRocko t1_j46fqfz wrote
the biggest opponents of this project are the other luxury apartment building owners since this will increase the supply of housing by a lot and lower prices for their rentals. I think that's a good thing.
dishwashersafe t1_j46mxzl wrote
Affordability is mostly a matter of supply and demand. Most new construction isn't affordable the same way most new cars aren't affordable, but there won't be used cars on the market if no one buys the new ones. This will lower rents across the city as rich people move here instead of outbidding you on what should be cheaper places. This explains it well.
MarlKarx-1818 t1_j471stw wrote
Does that assume the rich people moving there will come from Providence itself? And not Boston or other areas? I also think new construction could be affordable, we just need to put down the public money to make it so. I'm not necessarily against the tower tbf.
The_Sneakiest_Sneak t1_j47b30x wrote
There’s already plenty of rich people moving from Boston to Providence regardless. It’s better for them to be competing for new luxury apartments that most people can’t afford, than competing for the limited existing housing against the Rhode Islanders who are already struggling and getting outbid.
MarlKarx-1818 t1_j47b7zo wrote
That's a good point
dishwashersafe t1_j47pgln wrote
It assumes people tend to decide where they want to live, then figure out housing. A new luxury apartment complex doesn't influence rich people from Boston moving here anymore than an old affordable housing project in Worcester influences you to move there.
tru3no t1_j46ff1j wrote
F*ck affordable housing... lets rich people move in and spend money in town and pay the ridiculously high taxes we pay... build affordable housing outside of the downtown Providence.... Pawtucket, Central Falls, Johnston, Cranston all this can used the affordable housing you talk..
Bronnakus t1_j46gcpl wrote
“Probably” you don’t even know for sure 💀💀 literally arguing with a straw man here
degggendorf t1_j47x1e1 wrote
>probably getting away tax free for decades
Why get upset about a guess when you could take a second to learn the actual answer?
> The high-rise luxury apartment building planned for Dyer Street in Providence would get more than $54 million in property tax breaks over 20 years, according to newly released projections by the tax assessor.
>The Hope Point Tower, often referred to as the Fane tower, would still pay about $69 million in property taxes over the course of their tax stabilization agreement (TSA), compared to $123 million if there was no TSA.
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