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And we have just gone full circle - why should the taxpayers fork over insane amount of money for a homeless shelter in one of the most expensive zip codes in the world? We both know where that money came from, and it's not from your $10 donations. I'll give you a hint - it starts with T and ends with axes - you know, those same axes chipping away at your paycheck every month.
No, you have gone full circle. The building is slated to be purchased by a private (not public) organization and is OWNED by a private organization. What is your major malfunction? There will be loans and there will tax credits, but its a PRIVATE developer. The first deal fell through because of the market. You can bark all day about the value but when all is said and done if you don't have a buyer you don't have a deal.
Last edited by bostongymjunkie; 12-15-2020 at 03:04 PM..
No, you have gone full circle. The building is slated to be purchased by a private (not public) organization. What is your major malfunction? There will be loans and there will tax credits, but its a PRIVATE developer. The first deal fell through because of the market. You can bark all day about the value but when all is said and done if you don't have a buyer you don't have a deal.
Beacon Communities is a nonprofit, not a private developer, and it doesn’t take a Warren Buffet to figure out where nonprofit money comes from. But sure, let’s assume for a second this will be bought with your $10 donations and not taxpayer dollars and do a little math on the side, shall we? A yuppie storage locker built by private developer and sold to rich yuppies at market rate will generate hundreds of millions of dollars worth of property taxes over its lifetime, and those yuppies will spend millions upon millions of dollars at local businesses which will in turn generate millions upon millions of dollars worth of sales taxes. Also, those yuppies will be perfectly content with their little Back Bay pods until they breed and move to their W suburb of choice meaning thousands of currently affordable apartments elsewhere in the city won’t get granited and stainlessed out. Now, what will the city get if that property or any other property that happens to sit in one of the most expensive zip codes in the world is turned into a nonprofit junkie hotel instead of a yuppie storage locker?
Beacon Communities is a nonprofit, not a private developer, and it doesn’t take a Warren Buffet to figure out where nonprofit money comes from. But sure, let’s assume for a second this will be bought with your $10 donations and not taxpayer dollars and do a little math on the side, shall we? A yuppie storage locker built by private developer and sold to rich yuppies at market rate will generate hundreds of millions of dollars worth of property taxes over its lifetime, and those yuppies will spend millions upon millions of dollars at local businesses which will in turn generate millions upon millions of dollars worth of sales taxes. Also, those yuppies will be perfectly content with their little Back Bay pods until they breed and move to their W suburb of choice meaning thousands of currently affordable apartments elsewhere in the city won’t get granited and stainlessed out. Now, what will the city get if that property or any other property that happens to sit in one of the most expensive zip codes in the world is turned into a nonprofit junkie hotel instead of a yuppie storage locker?
Non-profit money comes from a variety of sources, actually, including wealthy donors who are intelligent enough to recognize the tangible and intangible benefits derived from the works of such organizations. Those benefits extend to residents across the polity. Some of those benefits have already been discussed here. We've also already discussed the current status of the market--which is NOT generating any yuppie dollars--and which factors into this and which you have chosen to ignore. This is because either you are a resident of Back Bay who just doesn't want it there, or you because you have no alternative arguments. SO, under which authority do you use to take property from one private organization and sell it to another private buyer? ( a buyer you may recall who is not in the market).
Non-profit money comes from a variety of sources, actually, including wealthy donors who are intelligent enough to recognize the tangible and intangible benefits derived from the works of such organizations. Those benefits extend to residents across the polity. Some of those benefits have already been discussed here. We've also already discussed the current status of the market--which is NOT generating any yuppie dollars--and which factors into this and which you have chosen to ignore. This is because either you are a resident of Back Bay who just doesn't want it there, or you because you have no alternative arguments. SO, under which authority do you use to take property from one private organization and sell it to another private buyer? ( a buyer you may recall who is not in the market).
Benefits you say? No millions of property tax dollars, no millions of sales tax dollars, pi$$, schitt and needles everywhere, thousands of previously affordable triple-deckers condoed out, all the nearby workers getting the hell out of dodge as soon as their day is over because they don’t want to deal with hundreds of zombies roaming around, did I miss anything? Oh, and guess who gets to pick up the tab for tax shortfalls because all those prime properties turned into nonprofit junkies hotels are generating zero dollars in property tax instead of hundreds of millions? Opportunity cost bruh, it’s a real biatch!
Benefits you say? No millions of property tax dollars, no millions of sales tax dollars, pi$$, schitt and needles everywhere, thousands of previously affordable triple-deckers condoed out, all the nearby workers getting the hell out of dodge as soon as their day is over because they don’t want to deal with hundreds of zombies roaming around, did I miss anything? Oh, and guess who gets to pick up the tab for tax shortfalls because all those prime properties turned into nonprofit junkies hotels are generating zero dollars in property tax instead of hundreds of millions? Opportunity cost bruh, it’s a real biatch!
You missed quite a bit actually. The people are there anyway, this project doesn't make more of them it may get a couple of them off the street. There IS NO BUYER hence, no dollars. You have no authority to take the property from its rightful owner and sell it. You seem to know as little about Econ 101 as you do about social problems. I'd suggest you speak with some of the longer term members of the Back Bay Neighborhood Association who will tell you the value they place on non profits such as Pine Street, Rosie's Place and others because they help keep their neighborhood livable. When you have a real argument, come back and visit.
You missed quite a bit actually. The people are there anyway, this project doesn't make more of them it may get a couple of them off the street. There IS NO BUYER hence, no dollars. You have no authority to take the property from its rightful owner and sell it. You seem to know as little about Econ 101 as you do about social problems. I'd suggest you speak with some of the longer term members of the Back Bay Neighborhood Association who will tell you the value they place on non profits such as Pine Street, Rosie's Place and others because they help keep their neighborhood livable. When you have a real argument, come back and visit.
Let's try again - how much tax revenue does a nonprofit-owned junkies hotel generate? And how much will this property transfer cost the taxpayers given the fact that approximately 80% of nonprofit funding comes from the government?
Let's try again - how much tax revenue does a nonprofit-owned junkies hotel generate? And how much will this property transfer cost the taxpayers given the fact that approximately 80% of nonprofit funding comes from the government?
It’s almost as if cities don’t exist solely to generate property tax revenue but rather also play a critical role in providing the ability to connect the poor and downtrodden to resources, shelter, and opportunity. That is another way in which they foster economic growth and social progress. And yes, that comes at a cost.
It’s almost as if cities don’t exist solely to generate property tax revenue but rather also play a critical role in providing the ability to connect the poor and downtrodden to resources, shelter, and opportunity. That is another way in which they foster economic growth and social progress. And yes, that comes at a cost.
Resources like one bed for every 100 homeless who need one, and 100 drug dealers for every junkie? Because that’s the outcome you’re getting here - you could get 100 times the effectiveness if proceeds from the sale of the property to a private developer and resulting property tax revenue were used to build a facility where land does not cost seven figures per square inch and you don’t have a whole field army of dope peddlers standing by right outside the front door. Those “nonprofits” are nothing but real estate holding companies cheating the government out of billions of tax dollars every year. Same goes for all the churches.
Resources like one bed for every 100 homeless who need one, and 100 drug dealers for every junkie? Because that’s the outcome you’re getting here - you could get 100 times the effectiveness if proceeds from the sale of the property to a private developer and resulting property tax revenue were used to build a facility where land does not cost seven figures per square inch and you don’t have a whole field army of dope peddlers standing by right outside the front door. Those “nonprofits” are nothing but real estate holding companies cheating the government out of billions of tax dollars every year. Same goes for all the churches.
The reality of the situation is that you don't solve the problem by sending people off to Siberia where land is cheaper. They are already here, and they are going to be here. Moreover, the extent of "homelessness" does not stop at the people you see on the streets. That's the chronically homeless. There are individuals and families that you don't see because they are on sofa's and other temporary situations. They are also in mental health and substance abuse treatment settings where they are waiting for placement into more long term housing. Programs are required in cities where people are and where they can access the services they need be it medical, mental health, or other. The likelihood that these rooms will be occupied by people who are standing in front 7-11 with a cup in hand is extremely low. It's not all about money, it's about what EVIDENCE shows is successful in addressing the issues over the longer run. You just don't get it and you think you have all the answers - but you don't. The community has a responsibility to deal with these issues to be part of a community. I don't like paying more in health insurance because some people engage in unhealthy behaviors like overeating and becoming obese, or smoking and cause more health issues resulting in higher premiums. But I do, because I am part of a community.
To be fair there are a number of organizations called Beacon Community. There is a charitable organization that obviously does receive donations however the actual company in this case is private. There are other organizations in other states if you begin to look at that have totally different reputations.
So technically speaking you're both right, is there a beacon communities that is a nonprofit that probably doesn't pay taxes? Yes absolutely but that is not the one that's operating here. And in many cases you can have a private company have a charitable arm.
"Beacon is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multifamily housing. We also invest in and purchase affordable housing companies and portfolios of multifamily developments. We own and manage approximately 18,000 apartments including affordable housing, market rate housing, and mixed income-housing. "
Nonprofits don't brag about how much money they make for other stakeholders, that's not their purpose.
These projects can get complicated and sometimes I think that this would refer to a special project vehicle otherwise known as an SPV. These are relatively common in Europe where you have a group come together usually for one purpose and then it just dissolves after it's done. sometimes a movie studio will create a separate LLC just to create one movie and ensure that the costs are contained within that and don't spread out the company itself
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