Tax policy should not drastically alter the demographics of a neighborhood overnight. Under the current program, it is likely a mass flight from certain neighborhoods will occur as the people who receive LOOP leave when it ends. But tying LOOP to the sale or transfer of their home rather to some arbitrary date, it helps to prevent these longstanding community members from uprooting and leaving their neighborhoods.
We do not want to force people into delinquency. If we're concerned about people's ability to pay a tax bill on a property value that has tripled, there is equal, if not greater, concern about their ability to do so when it could be five or six times higher in developing communities in ten years. We should not be pushing people who have been a member of their community for ten years or more away, whether it's today or within another ten years. Extending LOOP to the sale or transfer shows that we are looking to keep neighborhoods strong and protect long-term investments in our communities. We cannot disregard the neighbors who have helped an area grow. That is the idea behind LOOP. However, the arbitrary ten-year timeline only puts off their problem temporarily. By changing LOOP to continue the protection until the time of sale, transfer or lack of residency, it properly follows through on the originally intended goal.
I'm hopeful that my colleagues will support this bill, and I want to thank you, Council President, for the opportunity to speak on this measure. Thank you very much.