This afternoon the fate of the so-called "downtown Kansas City renaissance" depends on Mayor Q, the council and their estimation of equity and inclusion regarding developer incentives.
To wit . . .
KANSAS CITY THREATENS TO ADJOIN SOCIAL JUSTICE WELFARE TO CORPORATE WELFARE WITH SLOPPY LEGISLATION THAT MIGHT PREVENT PRICEY DEVELOPER GIVEAWAYS OVERALL!!!
The bright side . . .
The effort is stepping backwards into reform that oddly unites both fiscal conservatives and fair housing activists.
We shared our concerns with Mayor Q and he replied a worthwhile perspective that confirms our thesis . . .
"If this goes like the 75% ordinance, fewer will use incentives to build multifamily, which actually will reduce some of the "corporate welfare" you're discussing."
And he's right.
Developers despise this ordinance and claim that any limits to their freebie cash feeding trough will halt local building.
Reality . . . COVID has transformed the American economy and old school incentives should be discouraged given the busted KCMO budget . . . If posturing on behalf of po'folk does the trick . . . Providing campaign material for politicos can be forgiven.
Here's the quickest/best write-up from local MSM . . .
Deets . . .
"The ordinance would require any housing developer receiving tax incentives from the city to reserve a portion of their units for affordable housing.
"20 percent of units would have to be set aside for affordable housing and of that, 10 percent would be set aside for families earning 70 percent of HUD's median family income estimate ($86K in KCMO). The other half would go to families earning only 30 percent."
You decide . . .