KC's downtown apartment vampires
The Kansas City Star
Want more proof that KC developers are hooked like addicts to public subsidies?
Check out The Star’s weekend article about downtown apartment developers putting their hands out for millions of dollars in incentives before they will build more units there.
So let’s take a look:
People want to live downtown.
Apartment occupancy is near 100 percent.
But instead of rushing to meet that demand the old-fashioned way - you know, by building more units - developers are sitting on their cash, waiting for handouts from City Hall.
Why, if they invested private dollars into their private developments, they just wouldn’t make the kind of investment return they want.
These developers have just become used to taxpayers subsidizing their profits, and their returns, with millions of dollars.
To his credit, Mayor Sly James didn’t say he’d open the spigot to the developers. It’s more of a wait-and-see approach, it appears.
Fine. Let’s wait and see how much private money the developers want to plow into building more apartments downtown. Then let’s see whether any of these projects warrant a nickel from the public.