The State of Connecticut's Governor's legacy of chasing out industry and replacing it with housing can be seen reverberating in nearby New Britain. Mayor Erin Stewart's name has been appearing in the local press and in Bristol's social media groups as the regional transportation agenda props up affordable housing with subsidies. Development within a half mile of transit transforms the city's downtown buildings from places of employment into transit-oriented housing. She recently announced her city's new ball team name, "The Bees" in a press release.
“On the city seal is a beehive, and underneath the city slogan in Latin it means ‘Industry fills the hive and enjoys honey.’ It’s a tribute to our industrial past.”
It seems that the past has eluded future planning. The plans indicate that there is a housing imbalance in New Britain as jobs outnumber adjacent housing units by a 3:1 ratio. This epitomizes the wrongheadedness of the state's direction as it pursues it's agenda of prioritizing housing over employment. Has the entire state forgotten that employment is what brought people to the Hardware City in the first place?
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Bristol's Enterprise Zone was created to entice development to a low-median-income area but Bristol's Public Annual Finance Reports indicate that Bristol's unemployment has lagged behind surrounding communities and is expected to continue to as a result of it's creation. Additionally, a focus on retail development downtown is unlikely to bring good paying jobs to local residents. In fact, retail and food service jobs happen to be the lowest paying jobs in the country. This type of development is designed specifically to boost transit ridership because the predominant users of public transportation at off-peak times have historically been recognized as low-income. This is not a coincidence folks. This is the future that is being planned for downtown Bristol and there are people that are "mum-city" about it.
Meanwhile we have commercial growth of the same nature these maestros are supporting (minus the high-density housing) occurring naturally and without a subsidy in Bristol's primary commercial corridor. This also happens to be the areas that the self-loathing advocates are most unhappy with as they try to steer commercial growth into geographical areas that have proven to not be economically sustainable. Even pharmacy giant CVS has relocated from across the street of Bristol's Depot Square to the most viable location in the Enterprise Zone. This area also happens to be at the end of Bristol's major commercial corridor. Most people are happy with the new construction as it is much more attractive than the former buildings at that location. It will also generate more tax revenue for the city. Some people however have voiced their discontent with the new construction stating that,
"Bristol doesn't need a new pharmacy".
Apparently unaware of the reason for relocation, the lesson in local economics has evaded their recognition. As one local businessman pointed out at a recent city meeting, investors want to develop where there are high traffic counts because that's where the largest amounts of people can be reached. It's a fact of life not to be ignored, lest the residents suffer loss of personal property in the attempt to spite it. The development of new pharmacies is in inevitability in a nation with more than seventy percent of it's residents taking prescription drugs.
When the majority of your city's residents own a bank account you will continue to see the construction of new banking institutions. These are signals of consumer habits of the population and not the inadequacies of planning. What would happen should a city choose to not allow for such development? Wouldn't such action would be detrimental to the growth and reputation of a city? To what extreme should a city strive to limit growth to a particular geographical location?
If we refuse to recognize and appreciate the free growth happening across Bristol, we will likely see the stagnation that some have been fear mongering about. It's difficult enough for businesses in Bristol to establish themselves and remain afloat as the governor continues his agendas of excessive taxation and unsustainable budgets for radically expanding public transportation.
What some people fail to recognize or acknowledge is that grants and subsidies for centrally planned developments are not merely gifts from government. These monies must first be taken from successful business owners and property owners whom are often struggling to stay afloat. In this regard, subsidizing development, tax abatements, etc. creates a playing field that's not quite level and can be potentially damaging to existing businesses.
To simplify the point, let's say that market demand in a community of 60,000 residents such as Bristol was able to sustain six locally owned businesses in a particular market. Market research would indicate to potential business investors that there is not sufficient market demand and investors would not likely be interested in entering the local market. But when municipalities offer incentives to encourage investment where the market does not, the new business that would not otherwise have been established can encroach upon the potential incomes of the existing six businesses. This puts an additional burden on existing businesses competing in this government-induced crowded market. This an often unforeseen consequence of local market intervention. New business doesn't necessarily equate to more business nor business growth.
To simplify the point, let's say that market demand in a community of 60,000 residents such as Bristol was able to sustain six locally owned businesses in a particular market. Market research would indicate to potential business investors that there is not sufficient market demand and investors would not likely be interested in entering the local market. But when municipalities offer incentives to encourage investment where the market does not, the new business that would not otherwise have been established can encroach upon the potential incomes of the existing six businesses. This puts an additional burden on existing businesses competing in this government-induced crowded market. This an often unforeseen consequence of local market intervention. New business doesn't necessarily equate to more business nor business growth.
The spending habits and attitudes of the residents are what most strongly affects the market growth in any free society. Americans must recognize the fact that free-market growth is the lifeblood of America's prosperity. It is the essence of the reflection of the free choices of the consumer. If we do not embrace it, we will surely lose what is left of the freedom of choices it offers. It's happening right in front of our eyes. How's your vision?
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