Word: taxing
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Dates: during 1980-1989
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Patriotism, according to the Republican rhetoric, consists of a smug satisfaction in our supposed greatness, not in improving the political and economic lives of the voiceless. A Republican Administration has meant and can mean different things for different groups: for an oil company, a tax break; for a university student, taxes on scholarships and cancellation of loans; for a Salvadoran illegal alien, unemployment and deportation; for a Chilean singer, loss of guitar, hands and life...
...have been razed or renovated to make way for pricey apartments and high-rise office buildings. According to a 1986 congressional report, in the past decade the nation has lost half its single-room-occupancy hotels, long the housing of last resort for the poor. In New York City, tax-abatement policies of the early 1980s encouraged private developers to turn SRO buildings into luxury condominiums. The number of New York apartments renting for $300 a month or less dropped ; from 1.7 million in 1978 to 409,459 last year...
...matter who the next President is, the homeless crisis is likely to get worse. An additional 200,000 units of low-income housing could disappear over the next five years as loans expire from a tax-break program of the 1960s and '70s. The Federal Government had encouraged private developers to build low-income housing by offering to subsidize 40-year mortgages on the buildings. Now many owners are taking advantage of an option to pay off the mortgages after 20 years, freeing them to sell or rent the apartments at the prevailing market price. The result could be hundreds...
What Washington must do is make sure that available money is carefully targeted and intelligently spent. Local governments have already taken the lead in offering low-interest loans or tax-exempt bonds to finance housing construction. By providing loans to developers and easing building codes, San Diego has spurred the creation of five new SRO hotels, where tenants pay from $240 to $390 a month. In New York City last week, local officials joined with a community-development group to finance the construction of 1,000 apartments for low-income families; $25 million of the $80 million cost was raised...
...priority housing of the dispossessed deserves. In considering the cost, the President should keep in mind that the $7.5 billion the Federal Government will spend for low-cost housing this year is meager compared with the nation's biggest housing subsidy: more than $30 billion in a mortgage-interest tax deduction goes to 58.5 million private homeowners, including the very wealthy...