Quote:
Originally Posted by jtown,man
Doesn't both of these things happen usually? If you fix up a building and make a profit from it, good. If that building now doesn't blight the neighborhood, good. Right?
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Not always. What makes money may not necessarily benefit the neighborhood.
For example, locals are pretty anti-Olympia development because of their proliferation of parking lots around LCA and the northwest side of Downtown. On the one hand, these parking lots generate revenue and Olympia pays taxes on land that otherwise was vacant or had a dilapidated/vacant structure. On the other hand, it's a parking lot and is only used 30% of the time and doesn't contribute anything to the neighborhood. Certainly for Olympia and any private company, a parking lot is often a guaranteed and secured way of making a profit for an indefinite amount of time.