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IDA subsidizing more market-rate housing

Niagara County officials are about to give millions of dollars in tax breaks to developers building high-end apartments that are supposed to be profitable.

NIAGARA COUNTY, N.Y. — 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 of the costs, and the project would create two jobs. The IDA is slated to approve both tax break packages next month.  You can read the full story in Investigative Post's website

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