Thursday, December 29, 2011

IHOP makes the Wastebook 2011

A DC development corp builds an IHOP in Columbia Heights (DC) with federal subsidy ($765,828) and gets listed in Coburn's Wastebook 2011. Leftists go crazy because it's mentioned on Fox and in Coburn's list, and insist it isn't yuppieville. So I looked at real estate in the area. 1 bdrm $2,160, 2 bdrm $3,050, average salary $65,231. That would buy a few pancakes for government workers, wouldn't it? But so what? Why do we need to subsidize IHOP? Or rather, why are we subsidizing a development corporation with a 40 year federal/local back patting, wallet padding scheme?

Anacostia Economic Development Corporation

Looking through Anacostia's timeline, I see that 40 years ago it did help the neighborhood by assisting small business in the community--hat store, hardware store, shoe store, funeral home, supermarket, furniture store, drapery store, etc. But the big money was in Title VII CDC, and it moved on. Looks like some lottery, gaming, and cable--then apartment development, then a for-profit subsidiary, more real estate development and shopping centers, relocation of some government office buildings and post office. Wheeeee! Why does this company still need the government to make a profit and payroll? And of course, former DC Mayor Marion Barry is involved.

Really--do browse the Wastebook 2011. It is fascinating.

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