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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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