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HalfManHalfCornball t1_jbq8an9 wrote

From an opportunity perspective. With future growth and future opportunity in mind, would you say this is a loss or win for Providence?

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hodgeybeats t1_jbqwme0 wrote

This is an L in the same way it’s an L I never made the NBA: It was never going to happen.

But Big w for a thoughtful, reasonable and most importantly feasible project on this parcel.

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FunLife64 t1_jbqbez2 wrote

Um it’s nothing but an L.

The demand is there and it’s an area that can have significant economic development….but hardly anywhere to live. Not a recipe to attract business.

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realbadaccountant t1_jbqfjff wrote

Huge L. Millions lost in tax revenue. No new businesses stemming from this development. No jobs. NIMBY scum wins again.

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diskimone t1_jbr1w1f wrote

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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JuciestDingleBerry t1_jbtvn7u wrote

Bullshit. They could build mid level housing if they actually want more housing and make it affordable instead of putting a skyscraper with a few reasonably priced units.

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realbadaccountant t1_jbtyive wrote

Developers need profit incentives. Housing doesn’t just happen, no matter how hard people wish.

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JuciestDingleBerry t1_jbu0vtl wrote

So you can't profit off of mid-level housing with storefronts? Look at what they did right across the river with trader Joe's and housing. You don't need a skyscraper to generate money.

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