Why not another bank?

Folks in Newton have been concerned about the proliferation of banks in our village centers for some time now.  Alderman Vicki Danberg, for one, has been leading an effort to change zoning to make it harder for banks to take space in our villages.  The city’s Economic Development Commission is considering a moratorium on banks in the first floor of village center buildings.

Why the resistance to more banks?

A fellow village lover in Beacon Hill tells the story very clearly in a recent blog post. Here’s an excerpt:

They’re out to destroy retail districts. The banks don’t see this as their aim, but this is the result if they infest our neighborhoods with their blank windows…. But these new banks may not want customers…. Real estate broker Ivy A. Turner, however, set the audience straight on why banks want to come. She said they don’t care so much about market share. They want a retail branch that acts as a billboard for their national expansion goals.

Go here to read the full article.