Word: projects
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Dates: during 1990-1999
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...negative externality that will result from the presence of the Holmes project is homogeneity. In the past, residents and tourists alike have been able to find a wide selection of goods in Central Square. However, when nationwide chain stores enter the neighborhood to satisfy only the needs of a "median consumer" (i.e., a typical household with median income and two children), goods become homogenous and reflect fewer of the extreme tastes that are appealing to minority shoppers (e.g. rebellious teens...
...single ownership of the project by Holmes will also lead to more responsible business practices. By owning the property and buildings of the shopping and residential plaza, Holmes will have a strong incentive to internalize any external costs, such as stores that create a lot of litter or noise. It will select "compatible" stores that are attractive to its consumers...
...central" location. This is a major point of contention because most small business owners rent rather than own their space. For this reason, an increase in rent will translate directly into a lower or even negative profit margin. Small business owners are therefore vehemently opposed to the project...
...fact, the Holmes project will benefit many local homeowners because their house values will increase proportionally. With this increase in the real level of wealth, local residents may generate positive externalities such as purchasing a new automobile with lower waste-emissions than a used one, resulting in cleaner air. The negative impact of the Holmes project may not be as bad as its critics think...
Sadly enough, the shops that provide this local color and suit the curiosity of tourists cannot fulfill the daily needs of Central Square's local residents. Through the Holmes Trust project, new nation-wide chain stores may rightfully come to answer the practical needs of Cambridge's citizens...