Feb 14
2023
IDA subsidizing more market-rate housing
Under normal circumstances, market-rate housing is supposed to conform to the forces of the free market: A developer buys a piece of land, builds housing, and sells or rents it for a price that recoups their costs and turns a profit. But in Niagara County, the Industrial Development Agency is poised to subsidize two market-rate apartment complexes — a total of 90 units — to the tune of $3.9 million. In one project, the proposed IDA subsidy would cover 22 percent of the building costs. That project would create zero jobs. In the other, the subsidies would cover 44 percent[...]