Er, I'm not sure it's a good idea for a city to make long-term promises to developers with what may be a temporary problem. Right?

Some cities, mostly in places where the market has slowed significantly in the last year, are offering incentives in the form of tax abatements to help developers unload slow-selling condominiums.

The neighborhoods tend to be pre-gentrification, but the savings can be significant. For instance, the buyer of a two-bedroom condo in a 180-unit development in a former school in Grand Rapids, Mich., will save about $5,300 a year in taxes until 2018. The savings is transferable to a buyer.

I think it sounds like a terrible idea!

More: Tax Savings Helps Condos Sell In Slow Markets - By Matthew Swibel, Forbes, by way of Realtor.org