We're propping up some businesses at the expense of others. If you're a home builder or developer, the subsidies help you. If you're one of the oil companies downtown, you're paying extra tax to help make the home builders and developers richer.
As far as attracting people goes, again you're making it easier to attract suburbanites, but at the expense of the inner city types. You actually get a more attractive city overall if you let the market build housing diversity efficiently, rather than pushing people away from downtown with subsidies.
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