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.