Tax Increment Financing Is The New Urban Renewal

[Originally published by Forbes]


Walk today through the parts of my hometown of Charlottesville, Virginia, that underwent “urban renewal,” and you start to grasp the policy’s failures nationwide. The southern city that’s home to Thomas Jefferson and UVA is defined by charming historic neighborhoods. But several downtown areas disrupt this fabric with an oddly suburban aesthetic of parking lots and insular apartment complexes. Without foreknowledge, one might guess that these resulted from a free market that plopped down modern development without regard for context. But the opposite is true.  [read the rest at Forbes]