"Oh I turned that back over to the bank".
The great irony is that now those same people are complaining that the banks won't lend them any money for new projects.
That's the truth and then some.
There is money available for high quality deals. Not so much for shaky deals. The weak deals still aren't going to get financed and subsequently not built... and meanwhile this 'moratorium' represents an enourmous tax hike to everyone else.
It would be like the government cancelling the stamps tax on liquor sales and passing a universal sales tax increase to everyone so that underage individuals and people that don't drink now have to make up that tax revenue. It's simply not a fair taxation scheme.
Do you realize that road projects in your own neighborhoods(ESPECIALLY the Southside) will now suffer funding shorftalls b/c of this moratorium? Guess who gets to make up those shortfalls? The entire taxbase of the city. Instead of localized money going to localized projects(aka fair taxation), now the ad valorum tax revenue (which is not even close to half of the city's tax revenue) will have to bridge that gap. That's the same ad valorum tax revenue that already isn't enough to fund police/fire/libraries/schools/etc.
I can go on and on about why this is not good fiscal policy, why it
won't spur new development, how its just history repeating itself or why we owe it to the taxpayers to follow a sustainable economic development model... but I gotta go back to work so I can earn enough money to pay for a fire station to be built in Oceanway.