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There have been a ton of studies on the economics of tax-funded stadiums. Most studies that are not funded by those who benefit from the subsidies conclude that it is a bad deal for taxpayers. Why Do Mayors Love Sports Stadiums? | The Nation
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. As University of Chicago economist Allen Sanderson memorably put it, “If you want to inject money into the local economy, it would be better to drop it from a helicopter than invest it in a new ballpark.”
Because cost control matters, Frank. Why are bingo halls dumpy? Why are independent restaurants often dumpy? Cost control.
Why are casinos nice or steak restaurants, or Mercedes Benz Dealerships? Because they want to attract a specific clientele. A sport venue would be no different.
Regardless, why should any taxpayer have their money taken from them to pay for a stadium or bingo parlor or retaurant they will never be in?
I had a 30 year mortgage. Paid the house off in 13 years. I still live in it. What is your point?
A lot of people (including liberals) argue that the 30 year mortgage kills the middle class. I believe I heard on NPR once that Canada only allows a max of 25 year mortgages.
Congrats on paying off the house early. I am doing a 15 year loan and hope to have it paid off in about 10.5 years.
A lot of people (including liberals) argue that the 30 year mortgage kills the middle class. I believe I heard on NPR once that Canada only allows a max of 25 year mortgages.
Congrats on paying off the house early. I am doing a 15 year loan and hope to have it paid off in about 10.5 years.
It is not so much the period of the mortgage as the fact many buy as much house as they can qualify for. I bought a house that was close to one -half the price I qualified for. It might actually make sense to go for a 30 year mortgage and put the monthly difference as compared to a 15 year mortgage in a mutual fund or your 401k.
Gungnir, 22.5 mill was just MLB. Add the NFL, add concerts, add nearby restaurant and bar taxes, add hotel taxes, etc. Add NCAA games, tournaments, etc. And good luck attracting major corps w/o nearby entertainment options for customers.
Nashville ended up relocating > 2 dozen F1000 hqs and/or regional hqs, post Predators, Post Titans coming to town. Do those additional taxes count?
Gungnir, 22.5 mill was just MLB. Add the NFL, add concerts, add nearby restaurant and bar taxes, add hotel taxes, etc. Add NCAA games, tournaments, etc. And good luck attracting major corps w/o nearby entertainment options for customers.
Nashville ended up relocating > 2 dozen F1000 hqs and/or regional hqs, post Predators, Post Titans coming to town. Do those additional taxes count?
You ignore that much of the taxes were imposed on Nashville citizens who would have found other ways to entertain themselves locally.
They may have, but would their incomes be lower w/o major corps moving in? Absolutely. I know both personally, and knew quite a few friends, whose raises went up when Nissan hq was coming to town, simply due to bending the supply/demand curve. None of us ended up even interviewing there, but adding hundreds to even a bit above 1k well-paying jobs affects all surrounding employers competing for like quality talent.
MetLife Stadium cost $1.6B, at a rate of $22.5M in annual taxes it would be paid off in 71 years. Which is excluding all operating costs, repairs, enhancements, etc. and that the average life span of a stadium is around 20 years (with a few famous but notable exceptions). AT&T stadium was cheap by comparison a mere $1.2B at your rate payoff would be 53 years 4 months.
You can't assume that the baseball stadium, and football stadium are the same place in most cities they're not. And MLS isn't going to generate $22.5M tax revenue, probably closer to $2.25M and that's being optimistic.
The cost of building stadia is not getting lower either.
Side question have you been to both stadiums? I've only been to jerryworld and cant imagine anything nicer. Was metlife more expensive because of real estate?
It is not so much the period of the mortgage as the fact many buy as much house as they can qualify for. I bought a house that was close to one -half the price I qualified for. It might actually make sense to go for a 30 year mortgage and put the monthly difference as compared to a 15 year mortgage in a mutual fund or your 401k.
Few need a house over 2000 square feet.
I find that most people aren't doing a 30 year loan to lower their payments so they can invest more into a 401K.
A lot of people do a 30 year so they can afford more house just looking at monthly mortgage payments. One large problem with a 30 year loan is that it slowly builds equity. It takes about 21 years to have half the loan paid off. So if someone buys a home on a 30 year and for whatever reason then sells the home 5 or so years later -- they might not have any gain in equity after they pay the fees related to selling and buying again.
"Public financing of stadiums brings JOBS!! AND MONEY!!"
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