By Tim Redmond
New London, Connecticut, became famous a few years back for seizing the homes of dozens of families to make way for a commercial development by the pharma giant Pfizer. Now, a major Supreme Court case later, the project has gone forward, the houses have been demolished — and now Pfizer, after years of tax breaks and tens of millions of dollars in public subsidies, is bailing on the whole thing.
It was on odd Supreme Court case, with Justice Clarence Thomas, of all people, making the case against a private company getting tax benefits. But it’s hard to argue with the results — this was a major disaster. And there’s a lesson here: If governments put too much faith and hope in the promises of big business to save their economies, they’re going to be badly disappointed.
Lennar Corp. isn’t demolishing any houses in Bayview/Hunters Point, but the construction giant will completely transform that area — and then what? Suppose Lennar goes broke halfway through? San Francisco’s handing over a lot of its future to one company that can’t be trusted. Not so smart, I think