To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Wednesday, January 16, 2008

DC Mayor Proposes $200 Million in Taxpayer Funds to Aid Waterfront Development

DC taxpayers are on the hook to pay a lot of their taxes to private developers already: $667MM for the Nationals' stadium, $50MM to fund improvements in the Verizon Center, $850MM for the flailing Convention Center and another $450MM to finance a hotel to try to make it less of a failure.

That adds up to a little over $2BN in taxpayer subsidies for "development" projects. Yet mayor Adrian Fenty wants to commit an additional $200MM in taxpayer money to redevelop the Southwest waterfront.

Developers have a profit motive. If they see an opportunity, taxpayers do not have to pay for it. If they do not see a profit, then taxpayers certainly should not be on the hook for subsidizing foolish ventures.

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