INC NEWS - New residential development doesn't pay for itself (Wake/TJCOG/NCSU report)

[RW Pickle]

I didn't exclude residential in growth just as I didn't industry. For a
healthy tax base, we need both. A good economic area also needs adequate
housing stock. Hence, they both feed each other. Many industries use far
more than the average homeowner. If you go to work somewhere, chances are
you drink water there, use the restrooms, may eat in their cafeteria, and
in particular businesses, need water for what you produce. So limiting
housing growth also limits industry (job) growth. They tend to go
hand-in-hand. Without jobs (industry), there is no need for housing. We
are fortunate to live in a vibrant region of this country. So, we'll
continue to grow.

RWP
27 Beverly


> New residential development doesn't pay for itself.
>
> Here's text from a Wake County/TJCOG/NCSU report...
>
> "The ratio for the residential sector is 0.65,
> implying that for each dollar in property tax and
> other revenues generated by residential land uses, the
> county spends $1.54 to provide services supporting
> those land uses. In other words, the residential
> sector is on balance a net user of local public
> finances... This contradicts claims that are sometimes
> made that residential development is a boon to county
> finances due to its expansion of the property tax
> base."
>
> You can read the full report here...
>
> http://www.onencnaturally.org/pages/obj/WAKE-COCS.pdf
>
> I'd only add that the more expensive the house, the
> better is the revenue/expenditure ratio.
> Unfortunately, the logical conclusion of many would be
> to build more Macmansions while discouraging
> affordable housing. (Another reason why we need a good
> mix of housing types in Durham.)
>
> best,
> John
>
>
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>


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