One more victim of the recent real estate crunch. A $20 million plan to create new hotel rooms and retail shops on Swinton Avenue in Downtown Delray Beach has gone bust (read the article here). This is not a good sign for my city. This deal would have created many jobs for Delray Beach. This deal falling through shows how much the real estate markets can effect the entire economy.
We need to do something to kick start the market. Everybody needs to vote yes for the property tax relief proposal on the Jan. 29 Florida presidential primary ballot to allow Florida homeowners to keep their homestead exemptions and tax savings when they move to a new house. This will not only help people who want to move, but by stimulating the real estate market it will also help bring back the lost construction jobs as well as create other jobs stimulating the Florida economy as a whole. Support for this amendment seems to be eroding. We need to get the word out that this can only help the economy as a whole, not just rich real estate owners.