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Tax Exempt Land

CtownMikey

By CtownMikey
in Providence

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Cotuit Megalopolis

Cotuit

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A good faith effort on the institutions part would be to start a Buy Local campaign. Some are moving that way in response to environmental concerns. However, Providence being so small, buy local often means Warwick or East Providence or Johnston, some things are more readily available in outlying communities.

And between Brown, RISD, and the Hospitals, I would venture to guess that Barrington is making out quite well on the property tax from people who work in the city. RIPTA actually rerouted the Route 60 bus so it would run direct from Barrington to Brown.

Also in the PBN article was a proposal by Rep. Segal for the State to pay Providence (I'm not sure if it was specific to Providence or all communities) a portion of the income tax receipts generated in lieu of the property tax that is lost. The article said Segal's bill hadn't moved by press time, and I assume the state is none to happy about the idea in the current budget climate (especially if the bill is specific to Providence).

There's also the Yale example, where the school created incentives for its staff and faculty to buy homes in New Haven. Even if the schools didn't fund a program like that, they could work more closely with RI Housing and other agencies to educate their staff (and recent alumni) on the options for buying homes within the city.

There's an article in the Journal today, which I am far too lazy to find the link to, saying that the housing slump and the poor job market are a closed loop feeding each other. As jobs are lost, housing prices go down because no one has a job and no one can buy a house. To a degree, the schools are recession proof, they continue to turn away students even in a poor economy, and they aren't reducing their tuitions to attract students. So, jobs in those areas are safer. A push by the schools (and hospitals) to get their non-home-owning employees into housing would be a good thing right now. Alone it won't turn the economy around, but it would be a step toward getting the housing market back on its feet.

ETA: OK, the journal article was on the frontpage of the website, so here it is:

http://www.projo.com/news/content/BZ_HARVA...134.4fe40e.html

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jencoleslaw Town

jencoleslaw

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Brown has, in the recent past, put some of its older housing back on the market, offering it only to employees of the University, with a deed covenant that the University has rights of first refusal if the property goes back on the market. They did it with a bunch of houses on Brook Street, about five years ago, if i remember correctly, maybe longer. But that was their own deal, as they created new housing for students, they fixed up these old houses (and did a pretty good job, I understand) and sold them at below market value to employees and graduate students staying in the area.

The city used to have a program that helped city employees by a house in providence by giving the employee and interest free "loan" as the downpayment, and then the loan is paid back if/when the house is sold again. I would imagine that there could be something like that offered by the hospitals and universities, and perhaps even by the city again.

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BBascule Whistle-Stop

BBascule

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In Providence, I can definitely see the benefits of tax-exempt property. For the most part, the colleges make decent landlords as far as maintenance goes, and they attract international money-wielding crowds. Problems, besides the lost taxes, seem to stem from the fringes of the those tax-exempt properties. The colleges and hospitals appear to have an advantage when it comes to expansion of their holdings - and clashes arise where those holdings meet the rest of a neighborhood - due to extra noise, traffic patterns, historic preservation concerns, etc.

I wonder what percent Cranston is, you know, since Boston and Cranston are both state capitals. :P
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TheAnk Hamlet

TheAnk

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I agree there are ancillary benefits to the people who frequent the tax exempt land. Maybe even tertiary.. I don't know the word for "benefits of the 4th order", but if there is such a word then thats the problem; students leave after college..

If these students stayed after college, I wouldn't have issue with the tax exempt land.. But they don't.. If they did, then the tax exempt status would be paying for iteslf in spades.. As currently constructed, the tax burden flows to biz owners, homeowners, and the always cheery lumpy dufflebags.. Its not right..

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Cotuit Megalopolis

Cotuit

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Keep an eye on RISD, I think you'll find the new President's influence may end up keeping alumni in the city over the coming years, and even bringing some old ones back.

Of course in general, it would help if we had some jobs. My experience is that the college students from away enjoy Providence and the only reason they leave after commencement is to find jobs (of course you'll always find some that hate Providence and can't wait to leave).

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BBascule Whistle-Stop

BBascule

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Based on the feedback from the most recent RISD interns that we've had - and other students I've been in contact with through the school, it would seem that many have honestly grown to like Providence. And many would stay if they could find jobs.

Textile majors and jewelry majors have the 'easiest' time finding places to work because those trades are still somewhat active in the area. There are a decent amount of industrial design opportunities. Graphic design majors could do the Boston commute, but many just opt to move to Boston - and if moving is part of the plan anyway - then New York becomes an obvious destination.

And then there are the international students who return to their home countries by default.

BBascule, I can't tell if your avitar reminds me more of Buddy Cianci or Doug White, rest his sole.
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Garris Town

Garris

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Based on the feedback from the most recent RISD interns that we've had - and other students I've been in contact with through the school, it would seem that many have honestly grown to like Providence. And many would stay if they could find jobs.
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