The article discusses the troubling disconnect between local economic planning and resident needs in city neighborhoods, emphasizing the role of Tax Increment Financing (TIF) as a tool used by elites. TIFs allow municipalities to borrow against future property value increases, which prolongs the funding gap for essential services. As a result, taxpayers bear the burden while wealthy developers profit. The controversy around TIFs highlights a need for greater transparency and public participation in community planning, as demonstrated by the author's own advocacy through public meetings.
In an ideal world, the public would have the right to determine our own future—the people plan the development and improvement of our own communities rather than wealthy outsiders.
Far too often, elites…use fancy tools of municipal finance like tax increment financing to expense development costs onto taxpayers, even as they profit.
Too often, elites…use fancy tools of municipal finance like tax increment financing to expense development costs onto taxpayers, even as they profit.
My own work via The TIF Illumination Project since 2013 has spawned over 245 public meetings and has convinced me that TIFs corrupt the planning process.
#urban-planning #tax-increment-financing #community-development #local-governance #wealth-inequality
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