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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: BigBull who wrote (91345)4/8/2001 9:18:04 AM
From: flatsville  Read Replies (1) of 436258
 
BB-

The Reagan/Rostenkowsky tax deal then also hurt commercial real estate mightiliy and contributed to the bust.

In some cities there were big partnerships holding massive amounts of urban residential real estate in their portfolios. These porfoliios of property were truly yummy as they also had gnerous historic rehab tax credits attached to them.

Then came TRA 86 (Reagan, certainly, Rostenkowsky?) The new passive activity loss limitations and scaled-down historic rehab credits made these investments unattractive. It wrecked what progress many older (historic) urban neighborhoods had made at revitilization. Add to the mix of no/declining investment a (then) new drug, crack cocaine, and it was a recipe for disaster.
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