INC NEWS - New residential development doesn't pay for itself (Wake/TJCOG/NCSU report)
bwatu at yahoo.com
Sat Dec 29 12:57:45 EST 2007
New residential development doesn't pay for itself.
Here's text from a Wake County/TJCOG/NCSU report...
"The ratio for the residential sector is 0.65,
implying that for each dollar in property tax and
other revenues generated by residential land uses, the
county spends $1.54 to provide services supporting
those land uses. In other words, the residential
sector is on balance a net user of local public
finances... This contradicts claims that are sometimes
made that residential development is a boon to county
finances due to its expansion of the property tax
You can read the full report here...
I'd only add that the more expensive the house, the
better is the revenue/expenditure ratio.
Unfortunately, the logical conclusion of many would be
to build more Macmansions while discouraging
affordable housing. (Another reason why we need a good
mix of housing types in Durham.)
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