Friday, November 04, 2016

They're building more nice things for rich people

Everything in this story that has to do with "affordable housing" is just pure nonsense and I suspect most of the players involved know it.
Edwards Communities, an Ohio-based residential development company, is applying for a property tax break from the Industrial Development Board to build an apartment complex along the Lafitte Greenway with ground floor business space. Mike Sherman, a local attorney representing the developer, confirmed Wednesday the request is in the works. Terms of an upfront payment from the developers in lieu of taxes (PILOT) have not been established.

The Mid-City complex has also been approved for a so-called density bonus. Following negotiations with the city that culminated this week, Edwards Communities can add 110 apartments -- bringing the total to 382 -- for setting 14 of them as affordable units.

"Through the approval process, we heard loud and clear ... that to meet a pressing community need, it was critical to address affordable housing," a company statement said.
Those 14 set aside units aren't going to "meet a pressing need." They're going to help these developers secure tax incentives and political goodwill from the stupid so they can build nice things for rich people.  We've been talking about this for so long now it's become boring.  It's just trickle-down housing policy, if that even.  Mayor Torres is going to be psyched, though.

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