When he got the green light for another development—Beach Haven, a forty-acre, twenty-three-building complex in Coney Island that would net him $16 million in FHA funding—it was clear that his strategy of building on the taxpayer’s dime was a winner. Though Fred’s business was built on the back of government financing, he loathed paying taxes and would do anything to avoid doing so. At the height of his empire’s expansions, he never spent a dime he didn’t have to, and he never acquired debt, an imperative that did not extend to his sons.
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