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Richard's avatar

Between measure ULA and the rise in interest rates it is no wonder these developers are bailing. Sad but inevitable.

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JS's avatar

It's not the city's job to check the financial viability of a landowner. If a developer buys a property, or partners with an existing property-owner, then it is what it is. Either they develop, sell, or get foreclosed upon. I really don't think we want the public sector intervening in that.

The most popular solution to this is a land-value tax or, less radically, a vacancy tax. Many people think it would be incredibly effective, but it would be impossible to generate wide political support for it.

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