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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 61960  
Subject: Re: Galt's Gulch asks for government assistance Date: 11/27/2012 12:06 PM
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Interesting issue.


I'd say the bottom line is that local government can refuse assistance to such communities. The opportunity for pay back for those excluded from such neighborhoods is at hand!

But is that really wise or justified?

Here are communities that have maintained their own infrastructure often for many decades, reducing the costs to local government even while their exclusivity probably INCREASED the taxes paid.

Is it wise to kill that golden goose for political reasons? You might wind up drastically reducing taxes on a permanent basis.

On the other hand, if you play hardball, you may simply wipe out the current owners and have Bain Capital or whatever buy up the properties cheap, rebuild and sell to new owners, establishing a new Galt's Gulch.

Perhaps a new New York billionaire will find buying up whole areas and rebuilding like Vanderbilt to be an attractive proposition.

Presumably the fundamental attractiveness and value of the property is still there.



Seattle Pioneer
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