Wednesday, April 22, 2009

Where's John Galt?

The Houston City Council decided to award tax breaks to a developer to build a new downtown hotel near Discovery Green (even though Mayor White is asking the heads of city departments to cut their budgets). Now, if it were profitable for a private developer to build and operate a hotel in that location there would be no need for government handouts. If the developer will only go forward if he's getting a handout from the city, then the city is subsidizing an unprofitable enterprise.

As an aside, the city still hasn't found a buyer for the downtown Hilton that the city bankrolled.

Where's the logic?

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