A 'mind boggling' tax break was meant to help the poor. But trendy areas are winning too

CNN Business


By Lydia DePillis

June 14, 2019

A plywood fence hides what remains of a small daycare center, coffee shop and auto body place that were demolished last month at 6th and Hobart Street in Koreatown, one of Los Angeles' fastest-developing neighborhoods.

It's a few blocks from the sleek Line hotel and just off busy Wilshire Boulevard, a strip dotted with luxury apartment complexes and construction work on a new subway line. The site is slated to become a Hyatt Centric hotel — and if all goes according to plan, it will also save its investors a tidy sum because of a massive new tax incentive program born from President Donald Trump's Tax Cuts and Jobs Act a year and a half ago.

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