Montgomery County Executive Marc Elrich has declared his intention to veto a bill recently passed by the Montgomery County Council, which would exempt new residential developments from property taxes for 20 years, if they provide at least 17.5% affordable units and are converted from - or replace - existing office buildings. The legislation would apply to so many projects that it would likely drain billions from County coffers over the next two decades, and bankrupt the County. Such projects are already being built in great numbers without the new incentive.
"This bill makes no sense," Elrich said in his weekly update video Friday. "It gives away desperately-needed revenues to the developers." The Council is expected to try to overturn Elrich's veto. Seven councilmembers will have to vote in favor of overturning the veto to be successful. "Now is the time to speak up," Elrich said, urging residents to contact their councilmembers, and tell them they oppose overturning Elrich's veto. Although all councilmembers have accepted financial contributions from developers, the vote to overturn Elrich's veto will be closely watched, to see which councilmembers are willing to risk fiscal oblivion merely to facilitate even-higher profits for their developer sugar daddies.
He makes no sense
ReplyDeleteDuh!
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