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The land where Brookhill sits is owned by the Spangler family. They are probably the wealthiest family in NC. When CD Spangler died in 2018, his fortune was valued at $4.2B. https://www.charlotteagenda.com/235278/this-is-maddening-the-brookhill-project-is-on-the-brink-of-falling-through-again/
That land is in a 99-year lease that has about 30 years left on it, and then full control of it goes back to the Spanglers.
The gap funding needed to make the new construction at Brookhill happen, which is basically the only way to avoid displacement for many of the families there - is only $13 million dollars.
The Brookhill land is 36acres, but the land value does not show up in the county tax records.
A lot next to it does, though. It shows a tax value (which is not market value) of $686,320/acre.
A lot next to it does, though. It shows a tax value (which is not market value) of $686,320/acre.
Dear neighbor, $686,320 times 36 acres = $24.7M.
In land value alone.
And market value is often much greater than tax value.
In land value alone.
And market value is often much greater than tax value.
In densifying cities, land value is everything, and it appreciates quickly. This is in a prominent location, near light rail, in one of the strongest growth corridors in the southeast. You give $13 million today, you most definitely get it back, plus more, in 30 years.
What I am saying: we have an affordable housing problem because the Spanglers worship money, and because most of the rest of us want to be like the Spanglers.
This week, a football person bought a house he mostly won't live in for more than $5M. https://www.charlotteagenda.com/234660/panthers-owner-david-tepper-buys-john-foxs-quail-hollow-mansion-for-5-35-million/
This week, another football person bought a different house for more than $8M. https://www.charlotteagenda.com/234632/remember-that-8m-lakefront-castle-looks-like-christian-mccaffrey-could-be-the-buyer/
That's $13M put together.
Look: these problems have a relatively simple solution known as 'taxes.' You might have heard of them.
But they also offer a glimpse into the way Empire destroys the souls of the wealthy. Brookhill financing is simple - the wealthy just cut some checks.
But money is a god that crushes the souls of the wealthy. The worship of that idol has currently brought us to a moment where an empire is finally buckling under the weight of its brokenness.
It is no accident this crumbling is happening under the rule of a mad real estate developer who worships himself and his money.
He is the clearest distillation of the rabid nature of American empire.
He is the clearest distillation of the rabid nature of American empire.
Chrysostom: When Christ is famishing, do you revel in such luxury? Another, made after the image of God, is perishing of cold; and you’re furnishing yourself with such things as these? O the senseless pride! Do you pay such honor to your excrements as to receive them in silver?
I only regret that I shall never write a sentence as fiery as that last one. /fin
