Slager/Visclosky Plan would divert billions of dollars in tax revenue to developers to build multi-family housing which is not preferred by millennials according to National Association of Realtors
January 20, 2018-For the second straight year the number of millennials purchasing single family homes has increased. Despite the lie being repeated over and over by our elected officials, just 3% of millennials in the 2017 home buying survey conducted by the National Association of Realtors cited “desire to be closer to work/school/transit” as the primary reason for purchasing a home. “
This year’s report saw an increased share who purchased in suburban locations and who purchased detached single-family homes. This is significant because the Northwest Indiana Regional Development Authority (RDA) will spend billions of dollars in tax money to tear down existing buildings and incentivize developers to build mixed use, multi-family housing throughout the region. Taxes from the “new” developments would go to the RDA for at least 30 years, leaving schools with new students but no new funding. Additionally, police, fire and other basic services would lose the current tax base due to demolition and would receive no income from any new development.
The RDA is accustomed to failure, however, as one of their signature projects literally fell into the lake just last week. The RDA invested $7M in tax money into the Portage Lakefront and Riverwalk. The entire beach has been eroded and a circular walkway collapsed just last week. RDA consultant Policy Analytics predicted that 86,000 new jobs would be created at the Gary Aiport if we “invested” just under $30M into the project. The final cost was over $200M and the airport has created fewer than 100 jobs.
The RDA’s $14M annual budget is funded by casino revenue taken out of the budgets of the Cities of Hammond, East Chicago and Gary as well as $3.5M from Lake and Porter Counties. The real question is how much more failure can we afford?
You can read the full National Association of Realtors report exposing the lies of our elected leaders Here-https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf