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Resource ID: #26453
Subject: Subsidies
Source: WAMU
Affiliation: 
Date: May 20 - 31, 2013

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Description

D.C. routinely awards real estate subsidies to encourage development but there has been little scrutiny of them and plenty of questions. For instance, how much have the subsidies cost taxpayers over time and are they really needed when the city has one of the country's hottest real estate markets? The reporters examined thousands of pages of city documents on 110 developments receiving city subsidies in the past decade and nearly 100,000 campaign contributions for council, mayoral and other local races over that time. The investigation found the city awarded $1.7 billion in subsidies in the past decade — and more than a third went to ten developers that donated the most campaign cash over that time. A dozen developers spent the most campaign cash the year their subsidy was approved and there were 10 dates in which three or more companies developing a project together donated to a single candidate on the same day. What's more, less than five percent of the subsidies went to the city's poorest areas with a fourth of the city's population, and developers failed to deliver on pledged public benefits for at least half the projects examined.

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