The mayor’s office says it would be the first major U.S. city to enact such a plan.

  • givesomefucks@lemmy.world
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    1 year ago

    Those stores left because of crime

    Not always…

    For decades now developers have been buying commercial property and shutting down the business. This makes the area less desirable and lowers residential prices

    When those are “low enough” developers buy them up

    The next step is usually getting tax money to “redevelop” the area and then they’ll reopen businesses and sell the residential at a high markup as an “up and coming neighborhood”. It’s just a money shuffle that hurts the majority of Americans and funnels wealth to the wealthy.

    It’s weird people still don’t understand this…

    • JasSmith@kbin.social
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      1 year ago

      Do you have some examples? IMHO, few shareholders are willing to weather decades of losses like that in the hope that one day their investment pays off. I’m not buying it. No one buys property and then intentionally devalues it.