Monday, May 17, 2004


Who do the local dictators think is going to end up paying the costs inflicted on builders? That extra $30,000 the developer has to pay to use a piece of land he already owns will just mean more years paying off the mortgage for the people who eventually buy the houses concerned

"Empty lots, green and neatly mowed, are scattered among the spanking new houses in the neighborhood Tom Troy is building.

Troy is planning to fill those lots with more $500,000 houses for commuters using the nearby rail line to Philadelphia or New York. But he can't break ground on the 90 empty lots until he pays to preserve one of about 20 farms remaining in Washington Township. Under a smart-growth program passed in New Jersey in March, builders like Troy can pay to preserve land that towns want to keep open - and in return build housing in areas the town wants to grow.....

Troy's company, Sharbell Development, bought 190 acres of the site for $10.8 million and has spent $100 million developing it. Buying development credits was part of the plan from the beginning, Troy says. "Now it's up to me to make the economics work." He wants to pay about $30,000 to fill each of his 90 empty lots.

More here.

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