Word: redeveloped
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Dates: during 1960-1960
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Most big cities have failed to redevelop their biggest land resource: slums. Slums are undertaxed, while good new apartments are overtaxed. A slum landlord has so little incentive to improve his property that often only the Federal Government can afford to build new middle-income housing on slum sites. If slum areas were taxed on the basis of the actual high value of the land in the city's heart rather than on the basis of the ramshackle buildings on it, landlords would be forced to build new higher-rent apartments...
...promoter, Detwiler's dreams have no boundaries. In 1950 he hustled into newly oil-rich Edmonton, Alta. with a 4-ft. by 5-ft. shiny-brown briefcase, drew out a series of dazzling plans to redevelop the city's downtown area in a $25 million project. The project failed to win the support of the necessary 66⅓% of voters in a referendum. He also urged U.S. and British church leaders to make Canterbury Cathedral a Protestant "Vatican" at a cost of $25 million, including hidden lighting that would give the effect of sunrise, sunset and moonlight...