Is this the future of America?
In 2007, the US was on the cusp of an economic recession, and Buddy Rizer was tasked with finding Loudoun County, Virginia, a new way to make money. Rizer’s earlier career as a radio DJ didn’t exactly make him an obvious candidate to find a solution, but he was looking for what he called a “real job” and stumbled into a role at Loudoun’s economic development authority.
This new gig came with urgency thanks to the bursting of the housing bubble: More than 80 percent of the county’s revenue came from residential real estate. The goal, at the time, was to raise the commercial tax base from about 19 percent of revenue to something like 23 percent, Rizer recalls. Today, just over half of the county’s tax revenue comes from commercial sources. To jumpstart that turnaround, Rizer turned to the carcasses of another recent bubble burst — those of the...
Copyright of this story solely belongs to theverge.com. To see the full text click HERE
