John Mozena

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John Mozena

John Mozena

@johnmoz

Fighting corporate welfare at @AccountableEcon. Fellow at @ReasonFdn, @BCP_Policy, @ITRFoundation, @BIPPS. Opinions=mine. #DCTID

Michigan Katılım Nisan 2009
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John Mozena
John Mozena@johnmoz·
The @DetroitCityFC season starts this week, so it’s time for my annual preemptive apology to anyone who follows me on Twitter for economic development policy or other substantive stuff and instead gets a dose of American minor-league soccer supporter culture. #DCTID
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John Mozena
John Mozena@johnmoz·
@raylehmann @jc_bradbury Or consider the Colorado Rockies, who have a "media market" that's basically the Mountain Time Zone, or the Red Sox's ownership of all of New England minus the Yankees' half of Connecticut.
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John Mozena
John Mozena@johnmoz·
@BraunKen I guess once you've bought the governorship for your former CEO's daughter, everything else is a comedown.
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James Hohman
James Hohman@JamesHohman·
I agree that there should be unity around state economic development strategy. The strategy ought to be basic business climate and quality of life issues, not big checks to select businesses. But I don't think that's the policy the author here wants. detroitnews.com/story/opinion/…
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Bray
Bray@LQDA_Bull1·
@johnmoz @DanielCane1970 @Jim_is_Awesome Do you also complain when tax subsidies are given to Walmart or Amazon for new distribution center etc? Can we really not negotiate a suitable deal for a public private partnership to keep a sought after asset in Tampa Bay?
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John Mozena
John Mozena@johnmoz·
No, they've spent two decades trying to get *taxpayers* to build them a new stadium. It's not the "building the stadium" part that's the problem as much as the "sticking someone else with the bill for it" is. (And their existing stadium is only 35 years old.)
The Wall Street Journal@WSJ

The Tampa Bay Rays, the owners of the best record in the major leagues, have spent nearly two decades trying to build a new stadium. Their latest proposal might be their last shot. on.wsj.com/4v2qbYI

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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome Look, in the end you’re free to believe what you want. I have no personal stake in the Rays’ stadium; my only interest is in trying to help cities and states implement good evidence-based public policy. Stadium subsidies are bad ideas and Tampa’s will be no different.
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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome Politicians and team owners can claim whatever they want, but the simple fact is that the real-world evidence of county sales tax receipts (as well as property values and other data) says their promises aren’t coming true for Cobb’s residents and taxpayers.
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Jason Martinez
Jason Martinez@jasmartinez76·
@DanielCane1970 @johnmoz He’s from Michigan lol. I’m “real sure” he spoke out against little ceasar arena, ford field, tigers ballpark along with every other pro sports city that’s built a new stadium
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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome Bradbury most certainly did account for that, using real-world data of per-capita sales tax receipts for Cobb vs other Atlanta counties. If Battery was delivering then tax revenues should have been up vs the region; Cobb actually lagged the rest of Atlanta in sales tax growth.
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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome The benchmark for excellent MLB attendance in a season is 3 million fans. The MLB stadium with the highest out-of-market attendance in history - Camden Yards - could account for roughly $3M/year off tourists.
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Danny Boy Cane
Danny Boy Cane@DanielCane1970·
@johnmoz @Jim_is_Awesome Oh, the evidence is actually the other way around three studies showed that this will bring back 55–70 billion on the conservative side to maybe as much as 100 billion back over 30 years, this is an investment that will be getting back 5 to 6 fold minimum over 30 years
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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome “Stadium districts” are real estate land grabs using the stadium to get taxpayer subsidies. An MLB stadium attracts roughly as much customer traffic in a year as a Super Walmart store; that’s not enough to make a meaningful difference in whether the surrounding district succeeds.
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Danny Boy Cane
Danny Boy Cane@DanielCane1970·
@johnmoz @Jim_is_Awesome But the entertainment district that will be on the HC site will have a huge economic impact. You have 8,000,000 ft.² of taxable income about to be coming in there that’s gonna generate a huge ton of money.
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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome This has been studied to death using real-world outcomes in cities across the U.S. and the evidence against stadium impact is so clear that expert sports economists have literally concluded there’s no point to studying it any further. What’s your argument that they’ve missed?
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John Mozena
John Mozena@johnmoz·
@DanielCane1970 @Jim_is_Awesome That’s simply not true. Stadiums just redistribute where people spend their entertainment dollars; they don’t actually create meaningful amounts of new economic activity.
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John Mozena
John Mozena@johnmoz·
@jasonc_nc Anecdotally, it feels like a generational difference on this to me. Younger people who’ve grown up with these services seem to treat them as quotidian tools that are a first option, while us older types are more likely to see them as splurging or laziness.
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Jason,@jasonc_nc·
So I polled the staff at one of our restaurants and was shocked at how many order from DoorDash weekly if not multiple times per week.
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John Mozena
John Mozena@johnmoz·
@maxdubler You get affordable housing by building market-rate: "Building 100 new market-rate units leads 45-70 and 17-39 people to move out of below-median and bottom-quintile income tracts, respectively, with almost all of the effect occurring within five years." papers.ssrn.com/sol3/papers.cf…
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Max Dubler 🏳️‍🌈
Max Dubler 🏳️‍🌈@maxdubler·
Requiring that 30% of these new high rise apartments be rented at a loss killed the project’s financial feasibility. Now 0 new apartments will get built and the 840 rich households that would’ve lived in those fancy new homes will bid up the price of older, cheaper apartments.
bernoulli_defect@BernoulliDefect

An example of this: Despite securing permission to mint the most valuable currency in the planet - 1,200 Manhattan apartments - the *publicly owned* mixed use WTC 5 project has recently been put on hold by the Port Authority as it doesn’t pencil out. This might seem hard to believe: there was only a 30% affordable unit requirement, and the median new build apartment goes for $1.6m in financial district - couldn’t those rich people buying at eye watering prices subsidise the 30% (who would still pay pretty high rents of ~$2k/month)? Turns out the answer is no: construction costs have risen at breakneck speed with the Port Authority citing 50% increases and US-wide construction cost indexes going up 35% from 2021. This price inflation is especially crazy in NYC, but it’s a worldwide phenomenon and governments need to get used to new housing not being a magic money machine.

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Keşfet

@raylehmann @jc_bradbury @BraunKen @LQDA_Bull1 @DanielCane1970 @Jim_is_Awesome @jasmartinez76 @elonmusk