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Were seven giant LA developments worth giving $1 billion in tax breaks?
When Metropolis' three towers are finished sometime in 2018, more than 1500 condos will be added to Los Angeles' scarce housing market but some of the buyers probably will not be spending much time living there.
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Were seven giant LA developments worth giving $1 billion in tax breaks?
The Los Angeles City Council has voted to provide nearly one billion dollars in tax breaks to large developments since 2005. Downtown hotels that got millions of dollars of tax breaks each have become our modern-day landmarks. The J.W. Marriot, the Ritz Carlton, the Intercontinental and more. In all, seven big real estate developments downtown and a mall in the valley.
A new report now questions the basis for giving the tax incentives.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
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