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I don't know about you, but I like anything that increases my property value.
There are many things in life that are far more important than the value of your property.
Quote:
Originally Posted by NJ Brazen_3133
If you want to give tax break, then give for something that will directly benefit local area, and the people living there. One such option is affordable housing.
:: snip ::
LOL
Last edited by sweatpants; 03-24-2021 at 06:17 PM..
If you want to give tax break, then give for something that will directly benefit local area, and the people living there. One such option is affordable housing.
Not sure if housing was ever an option here, the land is polluted/contaminated and while it may have been remediated its doubtful developers would take a risk building pricey housing there which is why retail seemed like a better option for a toxic site. With the retail option off the table, what else besides Amazon could be truly viable? The site has been vacant for ages.
Originally Posted by NJ Brazen_3133 View Post
If you want to give tax break, then give for something that will directly benefit local area, and the people living there. One such option is affordable housing
Affordable housing isn't built because i's just not as profitable. If people want affordable housing the federal gov will have to do it or subsidize losses. I own a rental in what was a run down part of Tampa. It's now a hotspot. This is an example on a very small scale. I could sell the house for 315k, I paid 80k for 10 years ago. This is affordable rite now in that area. Or I can spend 275k convert the ranch to a colonial and sell it for 800k. I'm in this to make $$ not provide an affordable house to someone. We choose renovate and flip. Builders look at this the same way. We also have own a vacant 80x100 lot. I can build a small ranch for 225k sell it for 300k once again a very affordable home. Or we can spend 450k and build a colonial and sell it for 700k. Imagine this on the scale of 30-100 homes. No one is building the cheaper option it's just not profitable.
It's unfortunate that the country can't provide low cost housing. In the RE world profits trump ethics as its a business.
Not sure if housing was ever an option here, the land is polluted/contaminated and while it may have been remediated its doubtful developers would take a risk building pricey housing there which is why retail seemed like a better option for a toxic site. With the retail option off the table, what else besides Amazon could be truly viable? The site has been vacant for ages.
I meant that in general. That site is in an industrial park so cant build residential anyways unless some rezoning occurs. Giving tax breaks to companies not just Amzn is also largely helping only the seller of the lot. The seller gets to unload his RE, and make his profit when buyers get incentives like tax breaks when they buy it.
Quote:
Originally Posted by gx89
Originally Posted by NJ Brazen_3133 View Post
If you want to give tax break, then give for something that will directly benefit local area, and the people living there. One such option is affordable housing
Affordable housing isn't built because i's just not as profitable. If people want affordable housing the federal gov will have to do it or subsidize losses. I own a rental in what was a run down part of Tampa. It's now a hotspot. This is an example on a very small scale. I could sell the house for 315k, I paid 80k for 10 years ago. This is affordable rite now in that area. Or I can spend 275k convert the ranch to a colonial and sell it for 800k. I'm in this to make $$ not provide an affordable house to someone. We choose renovate and flip. Builders look at this the same way. We also have own a vacant 80x100 lot. I can build a small ranch for 225k sell it for 300k once again a very affordable home. Or we can spend 450k and build a colonial and sell it for 700k. Imagine this on the scale of 30-100 homes. No one is building the cheaper option it's just not profitable.
It's unfortunate that the country can't provide low cost housing. In the RE world profits trump ethics as its a business.
Going from $315K to $800K seems pretty farfetched. Thats a more than a 100% jump. Even in very low inventory market, if the average price is closer $800K, whatever you have should still be more than 1/2 the average. If this is true, there is some rampant speculation going on, and unchecked money creation, which should not even be allowed.
In NYC there are developments with affordable units. And it is done because of tax incentives. Also usually higher priced, or at market price also means larger/comparable space, better/comparable finishes, equal or better amenities. In some markets, smaller, more numerous units, with lesser finishes, and lesser amenities along with tax breaks can make sense.
I meant that in general. That site is in an industrial park so cant build residential anyways unless some rezoning occurs. Giving tax breaks to companies not just Amzn is also largely helping only the seller of the lot. The seller gets to unload his RE, and make his profit when buyers get incentives like tax breaks when they buy it.
Going from $315K to $800K seems pretty farfetched. Thats a more than a 100% jump. Even in very low inventory market, if the average price is closer $800K, whatever you have should still be more than 1/2 the average. If this is true, there is some rampant speculation going on, and unchecked money creation, which should not even be allowed.
In NYC there are developments with affordable units. And it is done because of tax incentives. Also usually higher priced, or at market price also means larger/comparable space, better/comparable finishes, equal or better amenities. In some markets, smaller, more numerous units, with lesser finishes, and lesser amenities along with tax breaks can make sense.
Some developers love affordable housing. They get guaranteed payment via section 8 and other programs from the govt. Tax breaks, guaranteed payments, lots of development incentives, mostly passive income. If it goes south, they write it off. It's local politicos and hacks who scare up the nimbys to mobilize and block anything with the word affordable in it.
Some developers love affordable housing. They get guaranteed payment via section 8 and other programs from the govt. Tax breaks, guaranteed payments, lots of development incentives, mostly passive income. If it goes south, they write it off. It's local politicos and hacks who scare up the nimbys to mobilize and block anything with the word affordable in it.
Not only that but aren’t they only required for a % to be affordable housing (which they are subsidized for so they lose nothing) then they charge others regular inflated rates?
I meant that in general. That site is in an industrial park so cant build residential anyways unless some rezoning occurs. Giving tax breaks to companies not just Amzn is also largely helping only the seller of the lot. The seller gets to unload his RE, and make his profit when buyers get incentives like tax breaks when they buy it.
Going from $315K to $800K seems pretty farfetched. Thats a more than a 100% jump. Even in very low inventory market, if the average price is closer $800K, whatever you have should still be more than 1/2 the average. If this is true, there is some rampant speculation going on, and unchecked money creation, which should not even be allowed.
In NYC there are developments with affordable units. And it is done because of tax incentives. Also usually higher priced, or at market price also means larger/comparable space, better/comparable finishes, equal or better amenities. In some markets, smaller, more numerous units, with lesser finishes, and lesser amenities along with tax breaks can make sense.
590k to 800k we spent 275k to rehab and have the home under contract for 798k. 590k is what the home would of sold for pre expansion plus Reno costs. So many jobs have moved to Tampa the market is nuts. Affordable housing just doesn’t make sense that’s why developers are bribed with tax breaks. I rent a duplex to section 8, guaranteed $$ not as profitable as a same size sfh.
So maybe Amazon should raise their prices 20-30% so each employee can make a “living wage”? While passing the increases to the consumer? All because some think Amazon is a place where you work for 20-30 years & retire from?
“ while costing big infrastructure dollars” GREAT MIDDLE CLASS paying jobs!
“We went from high end biotech to subsidized warehouse jobs...the promise vs the reality”
40k-50k here is peanuts. 40k-50k down south is considered middle class.
Because there really isn’t a company that wants to pay these ridiculous rents & utilities here on LI. either (Hence Amazons tax incentives) AGAIN, look what happened to Entermans.
Region declines? I never saw so much traffic, housing & condo complexes in my life! People out bidding for homes. Anyone affording a MODEST 500k home with LOW TAXES of 10k is not working in a warehouse. So, LI is not declining.
Costco has similar prices to Sam's club, but pay their workers better, have benefits, etc. And their profits are about the same. The big difference? The take home pay of the top execs. The CEO of Costco is not a billionaire, while the Walton family are all billionaires many many times over.
Amazon can boost wages, give better working conditions, benefits, by cutting their top exec salaries by 2/3rds ad a minimum.
A lot of good points from you in this thread. Just want to add the Amazon Fresh stores are going live soon (the old Westbury Fairway will become one). The Whole Foods experiment failed as they realized to survive you have to be able to sell healthy choices like Cheetos and Coke. But Amazon being Amazon don't expect many new jobs. They are implementing their smart cart. You tie the cart to your account and payment method, the cart scans your items and a check out lane scans your cart. EZ PZ. I love the tech, but not the implications.
The Westbury Fairway was bought by Food Bazaar, and has been converted into a Food Bazaar. It is NOT becoming an Amazon supermarker.
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