Interesting piece today in the NYT about a movement across the country to reduce or freeze property taxes so that residents who remained in blighted areas through the tough times can remain when gentrification starts to push them out.
Newcomers, whose vitality is critical to cities, are hardly being turned away. But officials say a balance is needed, given the attention and government funding being spent to draw young professionals — from tax breaks for luxury condominium buildings to new bike lanes, dog parks and athletic fields.
“We feel the people who toughed it out should be rewarded,” said Darrell L. Clarke, president of the Philadelphia City Council, which last year approved legislation to limit property tax increases for longtime residents. “And we feel it is incumbent upon us to protect them. READ MORE.