Guest MINDSETTER™ Miller: Fane Tower Could Prove Disastrous for RI’s Housing Market

Friday, October 19, 2018

 

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Fane Tower

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 

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Are you registered to vote in Rhode Island?

 

Yes.: 100%

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What is your gender

Male.: 45%

Female: 55%

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Where do you live?
 

Metro Providence: 28%

West Bay: 27%

Blackstone Valley: 22%

East Bay: 13%

South County: 10%

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Could you please indicate your age?

18-24: 7%

25-34: 16%

35-44: 16%

45-54: 20%

55-64: 17%

65+: 25%

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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).

50,000 or less: 32%

More $50,000 but less than $75,000: 18%

More $75,000 but less than $100,000: 16%

More $100,000 but less than $150,000: 14%

$150,000 or more: 11%

Don't know/Refused: 10%

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What was the last grade you completed in school?

0-11: 1%

High school grad: 17%

Technical/Vocational school: 4%

Some college: 26%

College grad: 32%

Graduate degree: 21%

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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?

White, Non-Hispanic: 80%

Black or African-American: 7%

Latino or Hispanic: 6%

Other: 8%

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Which of the following best describes your current employment status?

Employed full-time: 45%

Employed part-time: 10%

Self-employed: 6%

Not employed / Homemaker: 6%

Not employed: 28%

Student: 4%

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Which one of these best describes your religious preference or spiritual outlook?

Catholic: 43%

Protestant:10%

Fundamentalist/Evangelical Christian: 4%

Jewish: 3%

Muslim: 1%

LDS/Mormon: *

Another religion: 3%

Atheist: 7%

Secular humanist: 2%

No religious preference: 21%

Not sure: 5%

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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?

Democrat: 38%

Republican: 15%

Moderate: 6%

Unaffiliated: 39%

Don't know/Refused: 3%

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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...

Definitely be voting: 86%

Probably be voting: 14%

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Did you vote in the 2014 midterm elections?

Yes: 80%

No: 10%

I don't remember: 9%

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Did you vote in the 2016 general election for president?

Yes: 89%

No: 8%

I don't remember: 1%

I was not eligible: 2%

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For whom did you vote? 

Hillary Clinton: 48%

Donald Trump: 36%

Someone else: 14%

I do not remember: 2%
 

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What would you say is the number one problem facing Rhode Island that you would like the Governor to address?  [Open-Ended Response]

Jobs and economy: 21%

Taxes: 20%

Roads: 11%

Education: 8%

State budget: 6%

Corruption/Public integrity: 5%

Healthcare: 4%

Immigration: 4%

Drugs and Opioids: 3%

Entitlements: 3%

Housing: 2%

Governor: 2%

Homelessness:1%

Don’t Know: 7%

Other: 5%            

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In general, would you say things in Rhode Island are headed in the right direction or are they off on the wrong track?

Right track: 19%

Wrong track: 38%

Mixed: 43%

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Which of the following comes closest to your view regarding each of the following candidates for governor of Rhode Island? [RANDOMIZED]

Gina Raimondo, a Democrat

I am sure to vote for her: 18%

There is a good chance I will vote for her: 20%

It is possible that I vote for her: 17%

It is unlikely that I will vote for her: 13%

I will never vote for her: 32%

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Which of the following comes closest to your view regarding each of the following candidates for governor of Rhode Island? [RANDOMIZED]

Allan Fung, a Republican

I am sure to vote for him: 15%

There is a good chance I will vote for him: 13%

It is possible that I vote for him: 23%

It is unlikely that I will vote for him: 20%

I will never vote for him: 29%

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Which of the following comes closest to your view regarding each of the following candidates for governor of Rhode Island? [RANDOMIZED]

Joe Trillo, an Independent

I am sure to vote for him: 3%

There is a good chance I will vote for him: 6%

It is possible that I vote for him: 31%

It is unlikely that I will vote for him: 30%

I will never vote for him: 30%

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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]

Has a vision for the state.

Allan Fung: 25%

Gina Raimondo: 31%

Joe Trillo: 11%

None: 12%

Don't know: 22%

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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. 

Allan Fung: 13%

Gina Raimondo: 28%

Joe Trillo: 11%

None: 17%

Don't know: 31%

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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]

Cares about people like me.

Allan Fung: 23%

Gina Raimondo: 25%

Joe Trillo: 14%

None: 19%

Don't know: 19%

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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.

Allan Fung: 21%

Gina Raimondo: 24%

Joe Trillo: 12%

None: 19%

Don't know: 24%

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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 stand up to special interests.

Allan Fung: 17%

Gina Raimondo: 21%

Joe Trillo: 17%

None: 19%

Don't know: 25%

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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.

Allan Fung: 21%

Gina Raimondo: 43%

Joe Trillo: 6%

None: 9%

Don't know: 21%

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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 a fighter for the middle class.

Allan Fung: 22%

Gina Raimondo: 27%

Joe Trillo: 15%

None: 16%

Don't know: 19%

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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 honest and trustworthy.

Allan Fung: 19%

Gina Raimondo: 25%

Joe Trillo: 9%

None: 23%

Don't know: 25%

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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 hold the line on taxes.

Allan Fung: 24%

Gina Raimondo: 19%

Joe Trillo: 13%

None: 19%

Don't know: 25%

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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 fiscally responsible.

Allan Fung: 28%

Gina Raimondo: 29%

Joe Trillo: 10%

None: 12%

Don't know: 21%

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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]

Brings fresh ideas and perspectives.

Allan Fung: 23%

Gina Raimondo: 25%

Joe Trillo: 15%

None: 17%

Don't know: 19%

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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?

Gina Raimondo, a Democrat: 40%

Allan Fung, a Republican: 32%

Joe Trillo, an Independent: 17%

Don't know: 11%

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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?

Net: Support: 89%

Strongly Support: 61%

Somewhat Support: 27%

Net: Oppose: 7%

Somewhat Oppose: 5%

Strongly Oppose: 3%


Don't Know    4%

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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?

 

Sheldon Whitehouse, a Democrat: 56%

Robert Flanders, a Republican: 32%

Don't know    12%

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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:

Improve: 21%

Worsen: 19%

Stay about the same: 44%

Don't know: 16%

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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:

Increase: 22%

Decrease: 27%

Stay about the same: 38%

Don't know    13%

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The City of Providence and the state of Rhode Island are considering a proposal by New York

developer Jason Fane to build a 46-story luxury residence tower in Providence, next to a public

riverfront park.  The developer will invest $250 to $300 million of his own funds.  The project is

called the Hope Point Tower, it would be 170-feet taller than the Superman building and would

require waiving height restrictions and the use of state tax credits.

Net: Favor: 39%

Strongly favor: 15%

Somewhat favor: 23%

Net: Oppose: 52%

Somewhat oppose: 26%

Strongly oppose: 26%

Don't know:10%

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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.

Net: Support: 68%

Strongly Support: 37%

Somewhat Support: 32%

Net: Oppose: 25%

Somewhat Oppose: 14%

Strongly Oppose: 10%

Don't Know: 7%

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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.

Net: Support: 55%

Strongly Support: 29%

Somewhat Support: 25%

Net: Oppose: 40%

Somewhat Oppose: 17%

Strongly Oppose: 24%

Don't Know: 5%

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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.

Net: Support: 84%

Strongly Support: 51%

Somewhat Support: 33%

Net: Oppose: 9%

Somewhat Oppose: 7%

Strongly Oppose: 2%


Don't Know: 7%

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Recently, Governor Gina Raimondo has been criticized for accepting $12,500 in campaign and

PAC contributions from members of the Sackler family. Owners of Purdue Pharma, the Sackler

family has been profiled in multiple national news outlets for fueling the US opioid addiction epidemic, through its painkiller OxyContin.

The Financial Times has also reported that the family also owns Rhodes Pharma, Rhode Island-

based drug maker that is among the largest producers of off-patent generic opioids in the US.

If Governor Gina Raimondo asked you for advice on this – would you suggest that she …

Return the money: 71%

Keep the money: 15%

Don't know: 14%

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In terms of the number of women who face sexual harassment in the workplace – would you say that sexual harassment in Rhode Island is a …

Major problem: 35%

Minor problem: 36%

Not a problem    7%

Don't know    22%

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Which party do you believe is most responsible for the Providence school bus strike?

Teamsters Local 251: 31%

The bus company: 21%

Mayor Jorge Elorza: 19%

Don't know: 29%

 
 

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