Jan 18, 2016
With plenty of media coverage, the governor of Maryland and the mayor of Baltimore announced a 700-million-dollar initiative to help Baltimore overcome some of its economic troubles.
The vast majority of that 700 million dollars goes to developers – 85%. There are incentives so that developers might build in poorer neighborhoods. Incentives, but no regulations requiring them to do so.
How has that worked in the eight years since the city council already passed a regulation insisting that new housing should include some units priced so working class people could afford them? Since then, more than 9,000 new apartments or condos have gone up in Baltimore. “Affordable” units? Not even one half of one percent! Only 32 units were built so they could be rented at affordable prices.
Expecting Mr. Pro-Businessman Governor and Ms. Departing Mayor to solve the troubles of Baltimore residents is just a dream. Political noise because, as they say, “the devil is in the details.”