The biggest problem with this proposal is creating even more tax-exempt land in Albany... in one of the better/gentrifying neighborhoods. As someone who's been looking to purchase a property in Albany, the biggest deterrent are the property and school taxes, which often times hit heavier than the mortgage. I think I read something yesterday stating 60% of land in Albany county is tax exempt, which is the sole reason that taxes could be $6000 for a 1400sq ft house in the neighborhood. In comparison, that same house in Saratoga county would pay $3000, plus a much better and nationally ranking public school system.

Tl;Dr I'd rather a project that generates greatly needed tax revenue for the city. Once the "parking lot" district gets redeveloped and hopefully anchors in some fortune 500 company looking for a NE office, the potential newcomers to Albany will buy up properties/land and help with the tax burden.