Equity Anyone

The city does not change the tax value of a new or renovated building until the Certificate of Occupancy is issued. This means that the unsold white elephants are costing the city the proper tax value for that building, while the residents are paying higher tax value because the sale of the land beneath them has raised the land value for the neighborhood.

Sort of like people who pass the line of cars on the highway to merge at the last minute, which ironically causes the line-up in the first place.

Over on Glenwood Avenue, Garage Mahal is for sale for 2.3 mil. The building's tax value is $99,000. How much is this speculation costing the city in productive income? These constructions take years. I count at least 6 houses in the over-a-mil range that are still vacant within several blocks of fallonia-central. A teardown / rebuild could ride undervalued for 2-3 years.