Bonus Extra Revenue, 20% of vacant units shift to occupied, $27 million a year added to local businesses; Nick Spiel on VT report prepared by city, in Public Comments 06/18 CC mtg

More Deconstructing Public Comments from last week's South Lake Tahoe city council mtg, a series 

[AI generated transcript so not perfect]

[For some reason the AI transcript is 6 mins and 10 seconds off, so to find these comments on the YouTube video, subtract 6 mins 10 seconds from time codes here ]

2:38:21

hi my name is Nick Spiel and I'd like to thank the city staff for the work putting together this report on such a tight deadline demonstrating the widespread positive impact of the Tahoe vacancy tax policy. I would like to ask for some clarification please on the retail sales revenue growth projected. page five estimates that the sales tax impact of the policy and it finds that this bonus extra Revenue comes from the economic boost of the vacancy tax

2:38:49

the report Court limits its findings only to discussing the revenue increase to the city the city government  but it neglects to to mention that the county would also seem to see the same Revenue boost  and local businesses would benefit from an estimated $27 million in additional retail spending repeated every single year. this section first validates the Locals For Affordable Housing estimate that 20% of vacant units would shift to becoming occupied. the report estimates that this corresponds to between 540 and 1540 three additional housing units

2:39:22

housing up to 2300 locals and replacing the entirety of the population decline that is caused by Rising vacancy rates. the report then goes on to estimate that each of these households would spend over $177,000 annually in the local economy but it omits that this means an additional $27 million for for local businesses every year. I extrapolated this number by multiplying the number of unit but please include this total product in the report for clarity. it also estimates that the

2:39:54

city would increase its share of the sales  tax revenue without estimate without increasing the tax tax rate at all by up to $670,000 every year that's like the entire City's cost of running Lakeland. While this report focuses on impact of the city it's worth noting that El Dorado County gets approximately the same share of sales tax we would see an increase of the same amount. the positive fiscal impact of the vacancy tax on City B budget is unambiguous. so please update the section on sales tax to reflect these conclusions thank you great thank you Mr Spiel and yes

2:40:30 - END OF TRANSCRIPT

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I love you, Nick, but if you don’t jump up and down and shout Constitutional rights and roll on the floor shaking like a Shaker, or something like that, how are you going to snap our mesmerized residents out of believing everything the Chamber of Commerce tells them?