Comment 12100

By dumb farmer's son (anonymous) | Posted September 27, 2007 at 00:11:51

in addition to this truely essential bylaw hamilton needs to stop giving property tax rebates to vacant buildings. i propose instead a one year reduction tiered at %100 for the first three months, %75 for the second quarter, ect. gives property owners a little breathing room but reduces the incentive for property speculators to buy and hold at little loss to them. this would do two things: temporarily lower rents around the city as owners have more incentive to get these buildings occupied and secondly it would temorarily lower real estate values as owners of derelict buildings decide to sell as opposed to lose more money. both good things as they would spur a new wave of investment in the downtown as costs decrease. in both cases the decreases would only be temporary as investment ALWAYS attracts other investment. the city wins in increased tax revenue in the short term and the long term. who losses? nobody any sane voter should care about, only the real estate speculator and absentee landlords who cast a blight over this city. the reason areas like james north are attracting young businesses is that real estate is (was) cheap. people are usually more willing to take risks when the stakes are lower.

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