Comment 67858

By Capitalist (anonymous) | Posted August 11, 2011 at 11:30:02

Ryan, I actually agree with you on this topic.

This whole MAC deal just stinks for the taxpayers and the downtown benefits are dubious. How can this city get ahead when we continue to fall for these subsidized development projects (i.e. Liuna Stn) that don't bring in any new investment? They just shift jobs and people from one part of dt to another while the taxpayers pick up the tab.

Another good example is the MAC innovation park. The city put $5 M into this. Does anyone know if we have acheived any new commercial/industrial assessment from this project? Just where are the hotels?

Ask yourself this question: Why would a private developer (who would pay commercial property tax - unlike Mac) want to construct some class A office space in dt Hamilton when they have to compete with subsidized projects that pay above market rents? Nobody would be able to make any money in this environment. Additionally because we are just shifing people from on location to another we are increasing the supple of office space and thus driving down the rates for everyone else - making it harder for them to profit on office space. The result? No new private investment and a deteriorating stock of unused office space i.e. abandoned buildings.

This is a big reason as to why our residential tax burden in this city is too high and why many don't want to do business dt.

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