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• W2748920173 abstract "INTRODUCTIONIt has become an increasing trend among urban political figures on both sides of the aisle to pursue a neoliberal economic ideology, with the objective being that it will spur development and so-called revitalization efforts in blighted communities.1 Unfortunately, this has frequently resulted in the need for 'compensating' or 'market correcting' policies once the drive towards deregulation and freer markets creates economic, political, and social hardships.2 Though typically governed by Democratic administrations, Jersey City, NJ is no exception to this pattern; past and current mayoral administrations have readily used a hardline neoliberal platform of property tax abatements to attract upscale employment opportunities and housing providers within the Tri-State area. At first glance, this has resulted in what seems to be an economic miracle: a downtown that was once poverty-stricken now sports business offices, luxury condominiums and rentals, chic restaurants, and upscale coffee shops.3However, there is wide disagreement on the merits of this ideology and its corresponding policy of property tax abatements. On the one hand, proponents argue this will (continue to) bring much needed resources to areas assumed to be lacking such components. On the other hand, critics point out that this strategy has been unsuccessful and is unsustainable; instead, they claim it simply forces the unemployed and poor to different geographical areas-which, by definition, is not economic development.This paper supports the latter view and, in keeping with that perspective, has two purposes. First, we critique the theoretical and empirical edifice of Jersey City's property tax abatement structure. Since the abatements serve as the policy centerpiece of the city's economic ideology, if this scheme is flawed, it follows that its entire development strategy is as well. Second, we present and analyze a policy known as Employer of Last Resort (ELR) that can and should substitute as a focal point in an alternative development strategy that is stable, sustainable, and socio-economically inclusive.The structure of this paper is as follows. First, we briefly discuss what a property tax abatement is, the terms on which Jersey City typically arranges them, and how the city has historically utilized them. Second, we highlight two differing views on the nature of development and show how each results in a radically different set of policy prescriptions. This is done because it allows us to highlight how property tax abatements are consistent with neoliberalism. Third, we discuss the past effects property tax abatements have had in Jersey City and how they will continue to impact local fiscal dynamics. In doing so, we demonstrate that the city's development experience is a textbook case of gentrification. This critical appraisal is followed by a denunciation of its policymakers who claim mediocre, and frequently poor, economic results are evidence that property tax abatement policies are producing developmental effects. Fourth, we put forward an alternative development policy known as ELR whose economic and socio-economic benefits are based on a more grounded explanation of the nature of economic development. Consequently, Jersey City should immediately move away from neoliberalism and towards genuine economic development.I. PROPERTY TAX ABATEMENTS: WHAT ARE THEY?A property tax abatement is an economic policy in which a municipality grants property tax exemptions to a property developer for a predetermined duration of time, commonly twenty to twenty-five years (though thirty and thirty-five year agreements are not unheard of). In place of its tax bill, the recipient is to make an annual payment to the municipality, known as a payment in lieu of taxes, or PILOT, whose amount is negotiable but will range from two percent of the project's total cost to fifteen percent of its annual revenue. In addition, technically there is a law requiring 'excess' profits be transferred to the municipality, frequently to fund affordable housing-though in Jersey City this has never happened (Bressler et al, 2009). …" @default.
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• W2748920173 date "2017-04-01" @default.
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• W2748920173 title "A Critique of Jersey City, NJ's Neoliberal, Trickle-Down Economic Ideology and an Alternative Development Strategy" @default.
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