Cleveland, OH - Cleveland Mayor Frank Jackson and the Cleveland city council have a decision to make in the next few months that could have a profound effect on housing development in the city - especially in downtown. The last several years have seen an explosion in the construction of high rise condominiums and single family homes in and around the heart of the city.
The Warehouse District alone has become a hot neighborhood for singles and empty nesters moving into downtown high rises. But that could all change and come crashing down if the council alters the current tax abatement laws which give home buyers a 15-year break on paying property taxes.
The Jackson administration is considering a proposal to modify those abatements and local developers say that if the council approves the measure and alters the tax incentive then home buyers will lose interest in relocating to the city.