A Waynesville developer wanted subsidies from the town to build affordable housing. The city fathers offered a $106,700 loan, but that was not enough. The town then offered to waive water and sewer fees, equivalent to $142,650 in cash. The developer said that amount would be necessary to qualify for state subsidies, without which the project could not be constructed. The moral of the story is, the mere existence of “but for” in economic development incentives suggests it is impossible to create middle-class housing or middle-class jobs that are up to municipal standards and codes without redistributive force.
by Leslee Kulba
Wild West blogger