The Beacon is not exactly in a prime location. These buildings probably wouldn’t have been redeveloped back then without the abatements. Or the project would’ve been seriously scaled back.

Read up on the history of the condos at the Beacon. Here’s one story about it.

Sales started shortly before the financial crisis in 2008. For years, they had a tough time selling units even with the tax abatement. Units were selling at auction at deep discounts.

They may not have gone ahead with the rest of the project or delayed it indefinitely without abatements, which would mean lost revenue for the city.

Construction jobs and PILOT revenues (i.e., the $22k/year from this penthouse unit) are better than a massive complex of abandoned buildings that contribute nothing to the city.

It would be a different story if you were talking about some of the waterfront high rises with generous abatements, like 77 Hudson or Crystal Point. Those building are in much better locations and probably would have quickly sold out once the economy recovered even without abatements.