Two Houston Opportunity Zone neighborhoods saw rents spike

[BeerNut]

Two Houston Opportunity Zone neighborhoods saw rents spike

Quote

In fact, Midtown and downtown, another Opportunity Zone where rents spiked in the past year, have gentrified so rapidly that had the government used 2017 Census estimates instead of 2015, the areas would not have qualified for the program. 

 

[dbigtex56]

"But in Texas, the Abbot administration has named some of the most economically robust and rapidly appreciating areas in the state as Opportunity Zones, including bustling downtown sections in Houston, Dallas and San Antonio."
No wonder Abbott has almost universal support among developers.
Quid pro quo, anyone?

[Houston19514]

46 minutes ago, dbigtex56 said:

"But in Texas, the Abbot administration has named some of the most economically robust and rapidly appreciating areas in the state as Opportunity Zones, including bustling downtown sections in Houston, Dallas and San Antonio."
No wonder Abbott has almost universal support among developers.
Quid pro quo, anyone?

 

Where is that quote taken from?

[dbigtex56]

1 minute ago, Houston19514 said:

 

Where is that quote taken from?

It's from the Houston Chron article that @BeerNut linked to ("Are federal 'opportunity' tax breaks going to right places?", R. A. Schuetz, Dec. 17, 2018)
article

[Houston19514]

On 12/17/2019 at 12:56 PM, dbigtex56 said:

It's from the Houston Chron article that @BeerNut linked to ("Are federal 'opportunity' tax breaks going to right places?", R. A. Schuetz, Dec. 17, 2018)
article

I imagine (because this is the Chronicle) the author has no reason to believe that other states have not done the same thing.

Edited December 27, 2019 by Houston19514

[dbigtex56]

4 hours ago, Houston19514 said:

I imagine (because this is the Chronicle) the author has not reason to believe that other states have not done the same thing.

 

"But, ma! All the other governors do it!"
Whether they do or not is beside the point. The Chronicle's primary responsibility is to report local and state news. 
If our elected officials are appropriating taxpayer funds to enrich themselves and their cronies, that's newsworthy, not biased reporting.

[Houston19514]

12 hours ago, dbigtex56 said:

 

"But, ma! All the other governors do it!"
Whether they do or not is beside the point. The Chronicle's primary responsibility is to report local and state news. 
If our elected officials are appropriating taxpayer funds to enrich themselves and their cronies, that's newsworthy, not biased reporting.

 

But it was written to give the implication that Texas is operating uniquely. Wouldn't it be useful to have a journalist who could be bothered to provide us with some context, maybe some explanation of how these areas came to be designated? Houston has more opportunity zones than one might have expected largely because of fortuitous (for us) timing -- Harvey and its aftermath.

 

"..using a multi-step process to identify eligible areas in particular need due to chronic unemployment, lower population density, and significant economic disruptors such as natural disasters within the past two years, Texas designated 628 census tracts in 145 counties as Opportunity Zones."

 

[KinkaidAlum]

No, it was written like it was focused on local issues because it is a local paper. Why would the Houston Chronicle be writing about Boston, Minneapolis, Denver, or Seattle?

[H-Town Man]

On 12/24/2019 at 10:17 PM, KinkaidAlum said:

No, it was written like it was focused on local issues because it is a local paper. Why would the Houston Chronicle be writing about Boston, Minneapolis, Denver, or Seattle?

 

Quality newspapers give perspective. Houston 19154 is right.

 

As far as how Abbott handled the designations, he did what was best for economic growth in the state. I say this as someone who doesn't particularly like Abbott, but this is a no-brainer for any governor. Tell me, when you do your income taxes, do you take advantage of any/all deductions and loopholes available, or do you put on your boy scout uniform and try to visualize what was the original intent of each provision in the tax code and how you might best serve your country? It's the same with federal economic development programs. If you have a chance to place the most valuable real estate submarket in your state (downtown Houston) into a federal welfare program which will allow it to circumvent the normal taxes weighing on growth, hell yes you take it, assuming you can control your laughter long enough to sign the forms. Governors and congressmen who don't do everything they can for the economy in their state or jurisdiction get voted out quickly.

 

Edited January 7, 2020 by H-Town Man