Monday, October 22 will see a public hearing on the construction of the Fane Tower.
While most arguments about the building have drawn from its height, location, and design, as well as Senate Majority Leader Ruggerio’s attempts to circumvent city officials in pushing approval through, my concerns with the development lie in the economic effects the building will have on the region's housing costs.
Major developments should be welcome in Rhode Island with open arms, however, this project puts Rhode Islanders at too high a risk when one considers how the building will withstand future economic recessions.
Major cities are seeing a similar trend of luxury construction. In New York and Boston, new luxury apartments are often sold to anonymous buyers whom seldom patron the properties they purchased. Much of this investment comes from outside the United States, backed by buyers from Asia who are looking to place their money in tangible assets in case of future economic or political uncertainty.
My concern in the construction of this building is that the majority of buyers Mr. Fane is coaxing are investors that will never live in it. This property will do nothing to ease the housing crunch Rhode Island is experiencing, and worse yet, will most likely stand dark as a security deposit box-in-the-sky.
Economic headwinds of the future signal, at one point or another, we will experience another contraction. I fear this building will damage Providence’s housing stability by flooding the market with useless units, depressing values throughout the metropolitan area. While relief in rent and housing prices may be appreciated now, they are dangerous during economic crises and could possibly subject Rhode Islanders to underwater mortgages in the future.
The worst of a housing collapse would be felt in Providence from this very building. Even if every unit is sold, it is unrealistic to believe the building would be even partially occupied. This monolith would serve only as a barrier for the neighborhood to connect to the river.
If Fane’s tower is to be built at all, there needs to be legislative protections in place to shield Rhode Islanders from grossly outsized and dangerous property speculation. The City Council should consider inquiring Fane about the types of tenants he would like to secure, and how he would shield Providence and the State from any type of speculative investment that this property would attract.
Otherwise, Providence may begin to face much larger consequences already looming on the horizon of many larger cities.
Greg Miller is a native Rhode Islander, Johnson & Wales University Alum, and Digital Editor at CTM Media.
Related Slideshow: GoLocal Statewide Poll - FULL RESULTS, Conducted by Harvard’s Della Volpe Oct. 2018
Sponsor: GoLocal Prov
Sample: N=502 Rhode Island General Election Voters
Interviewing Period: October 5 – October 9, 2018
Directed by: John Della Volpe, Harvard University, SocialSphere, Inc.
Slideshow: responses are not in the order of the questionnaire
This question is about the total income of YOUR HOUSEHOLD for the PAST 12 MONTHS. Please include your income PLUS the income of all members living in your household (including cohabiting partners and armed forces members living at home).
What particular ethnic group or nationality - such as English, French, Italian, Irish, Latino, Jewish, African American, and so forth - do you consider yourself a part of or feel closest to?
When it comes to voting, do you consider yourself to be affiliated with the Democratic Party, the Republican Party, Moderate, or Unaffiliated with a major party?
In November, there will be a statewide general election for Governor and many other state offices. How likely is it that you will vote in this election? Will you definitely be voting, will you probably be voting, are you 50-50...
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Will ensure that we have high-quality affordable health care.
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Will make government more accountable to the people.
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Is committed to improving education in public schools.
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
Next is a series of qualities and attributes that candidates for Governor could possess. Which candidate for Governor does each attribute apply to most? [RANDOMIZED]
If the election for Governor were held today and the candidates were: [ROTATE] Democrat Gina Raimondo, Republican Allan Fung and Independent Joe Trillo, for whom would you vote?
Attorney generals in several states have begun investigating sexual abuse by Roman Catholic clergy, opening investigations and issuing subpoenas for documents.
Do you favor or oppose the Rhode Island Attorney General opening an investigation into the Archdiocese of Providence on issues related to possible sexual abuse of children?
If the election for the U.S. Senate were held today and the candidates were: [ROTATE] Democrat Sheldon Whitehouse and Republican Robert Flanders, for whom would you vote?
Recently, it was announced that state officials approved a fast-track regulatory review of Massachusetts based Partners HealthCare’s proposed takeover of Care New England, Rhode Island’s second-largest hospital system, and operator Women & Infants, Butler and Kent Hospitals. [RANDOMIZED]
Do you believe the quality of care for Rhode Islanders will:
Recently, it was announced that state officials approved a fast-track regulatory review of Massachusetts based Partners HealthCare’s proposed takeover of Care New England, Rhode Island’s second-largest hospital system, and operator Women & Infants, Butler and Kent Hospitals. [RANDOMIZED]
Do you believe the number of jobs available to Rhode Islanders will:
Earlier this year, legislation was filed in the General Assembly that would require that all Rhode Island public schools have a school resource officer on the premises -- if a school has over 1,200 students -- two school resource officers would need to be present.
Do you support or oppose expanding Rhode Island’s free college tuition program at the
Community College of Rhode Island to the state’s two four-year colleges so that the last two
years of tuition at Rhode Island College and URI would be free for those recent high school
graduates, who are in a solid academic standing, and on track to graduate in four years? It is estimated that the cost of the program would be $35 million.
Do you support or oppose an Educational Bill of Rights for students and parents in Rhode Island that includes:
1) The right to be taught by effective teachers.
2) The right not to be taught by teachers who, after due process evaluation, fail to meet standards established by state and local education officials.
3) The right to appropriate academic materials and resources.
4) The right to safe, clean and environmental-friendly school facilities.
5) The right to emotionally supportive schools that do not tolerate harassment, discrimination or abuse.
6) The right to attend a school where funding is based on student need with the goal of providing
access to adequate educational opportunities.
7) The right to a pathway out of a failing school.
8) The right to a fair, accurate and transparent assessment system that measures student
performance and need.
9) The right of parents to current and reliable information about their child’s progress and performance.
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