Huge apartment complexes that go for $3000 a month don’t benefit most of the city resident. The city still has the same problems it did years ago with poverty and crime. I just wanted to post a different view. Not all economists agree it was a boon to the city.
??? What do you think property taxes are? And all of these new restaurants and hotels are collecting sales/consumption taxes. And those people renting those $3000 apartments--where do you think they're working (i.e. generating income) and spending money after work?
SensWin is right - just way too one-sided of a look at things.
Also, this:
That was a cute essay in the Stanford High School Economic Review, but puh-leaze. A 600m bond issue is about two-tenths of freak-all in the big picture.