While there is economic relief for those leaving the big cities for chic and affordable spots, it's not all rosé brunches and glamping. There are real challenges and even a few dangers to using the"city authentic" playbook. As big-city high-earners move into town, landlords and restaurateurs immediately move to cater to them, raising prices and accommodating new tastes, which pushes out locals.
And none of this guarantees financial success, either. City governments, eager to win the all-against-all fight for capital investment, are happy to offer tax-break enticements to developers. So while construction cranes may signal economic success and there may be an influx of cash from building permitting and new residents' spending, cities will eventually find that there's no money to repair the roads and pipes that lead to all this new development.
It is worth saying that there is nothing wrong with enjoying your weekend farmers-market jaunt . Making a city that's exciting, fun, and inviting is an unalloyed good thing. But the default way cities do it now is creating unaffordable and uninspired cityscapes. To avoid these challenges, some cutting-edge cities have gotten creative. Newark, New Jersey set up a revolving loan fund to convert privately held small businesses into Employee Stock Ownership Plans, whichas a great way to keep money in a community after a business owner retires. Other cities could reverse a trend that began in the 60s where satelite communities and suburbs formed their own municipal governments, splitting city resources.
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