Dying Malls Increasingly Rely On Taxpayer Handouts For Survival

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Just another symptom of the steady implosion of the US economy. Thanks to austerity cuts, Americans have no money to spend.

peoples trust toronto

America’s dying malls have been a frequent topic of discussion of late as these relics of the 80’s have been forced to convert once valuable high-end retail square footage into grocery stores, libraries and doctor offices just to keep the lights on. Here’s just a small sampling of the recent carnage:

A Third Of All Shopping Malls Are Projected To Close As ‘Space Available’ Signs Go Up All Over America
America’s Desperate Mall Owners Turn To Grocers, Doctors & High Schools To Fill Empty Space
Failing Malls Turn Empty Parking Lots Into Carnivals To Generate Cash

But, as Bloomberg points out today, one other funding source is increasingly emerging as a key financial sponsor in the efforts of commercial REITs to re-purpose their failing assets: taxpayers.

In Brookfield, Wisconsin, for example, the city is using tax-increment financing (TIF), a common tool for municipalities to subsidize development by putting property taxes…

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