A new report from the Cato Institute says that tax-increment financing (TIFs) costs taxpayers $10 billion a year and the practice is growing by the minute.
TIFs are an economic development tool that basically subsidizes development based on future gain from increased land values, and often used to improve blighted neighborhoods. The Cato report argues that TIFs do not increase economic development.
Randal O'Toole wrote the report, and summarizes the results:
"At best, it [TIFs] moves development that would have taken place somewhere else in a community to the TIF district. That means it generates no net tax revenues, so the TIF district effectively takes taxes from schools and other tax entities."
Read the full story: Halting TIF's Rapid Growth
New Report Examines Growing Practice of Tax-Increment Financing for Development
A new report from PIRG identifies problems in the practice of TIFs (tax-increment financing) and suggests ideas for reform.
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O'Toole, Cato Institute Part Ways
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One Kentucky town’s secret to affordable housing
The Smoketown Community Land Trust has already built seven affordable homes for community members.
Houston gains petal-shaped cooling infrastructure to make streets more ‘delightful’
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Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
University of Michigan School for Environment and Sustainability (SEAS)
Hunter College, City University of New York (CUNY)
The Architects Foundation
City of Cambridge
Montrose County
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