In November 2022, Gossips reported that the Galvan Foundation had changed its name on Facebook and was now calling itself "Galvan Center for the Common Good." Yesterday, Galvan changed its Facebook name again and is now calling itself simply "Galvan Initiatives."
Initiatives, like buying 59 Short street and letting it rot. Or 618 State, doing nothing with either house, each rotting further by the day and soon to be demolished. Initiatives, like buying the two houses on the corner of 5th & Prospect 10 years ago and, to this day, doing nothing else but occasionally mowing the lawn. That's what we need in our local developers - more initiatives with little to no completion or consideration for the common good.
ReplyDeleteIt is called " land banking" in the capitalist world. International rogues buy multi-million dollar condos in New York and other international cities as "land banking purchases and, for them, a good way to launder money.
DeleteGalvan uses a "foundation device" to do this, and to shield himself from all taxes while gaining asset inflation and /or cash flow from rental properties, some of which are guaranteed by local governments, like the Galvan Motel outside of town.
Welcome to the tax and legal code in America.
Something is rotten in the state of America
Deleteit is called the Industry of Poverty, and it is a huge sector that has a stranglehold on the First Ward.
DeleteWould "Galvan Initiatives for Galvan Cash Flow" be even more apt ?
ReplyDeleteMy prediction is that they are going to divest in their lower income properties and move it to Savannah. I also think they'll only build the middle income to market rate side of the Depot District apt buildings and abandon the low income side.
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