Thanks Peter. I liked your mention of Boston as the state's capital city. That simple fact is too often lost in the debate over Mayor Michelle Wu's tax hike plan. If we were talking about, I don't know, Granby raising commercial property taxes on the two stores in town, no one would care. But Boston is both the state capital and the region's economic hub. State lawmakers from across the state should be concerned about anything that could negatively impact Boston's commercial real estate market and economy.
Mayor Wu’s plan to tax financially struggling commercial building owners is short sighted. The result clearly will further exacerbate the financial crisis commercial landlords are facing. The only action landlords can take is to increase rents. This will cause tenants to move from the city causing more vacant stores and offices. Boston will lose potential new tenants to other cities with lower rents and a more vibrant business environment. Losing tenants also threatens the job market by driving employers and jobs from the city. This could be as damaging to city residents that higher real estate taxes. This is bad public policy not only for the city but for the state that needs a vibrant capital city to bring employers and visitors to the region. Manage your budget and cut expenses, Mayor Wu. That what business and families are forced to do when faced with an unbalanced budget.
Thanks Peter. I liked your mention of Boston as the state's capital city. That simple fact is too often lost in the debate over Mayor Michelle Wu's tax hike plan. If we were talking about, I don't know, Granby raising commercial property taxes on the two stores in town, no one would care. But Boston is both the state capital and the region's economic hub. State lawmakers from across the state should be concerned about anything that could negatively impact Boston's commercial real estate market and economy.
Mayor Wu’s plan to tax financially struggling commercial building owners is short sighted. The result clearly will further exacerbate the financial crisis commercial landlords are facing. The only action landlords can take is to increase rents. This will cause tenants to move from the city causing more vacant stores and offices. Boston will lose potential new tenants to other cities with lower rents and a more vibrant business environment. Losing tenants also threatens the job market by driving employers and jobs from the city. This could be as damaging to city residents that higher real estate taxes. This is bad public policy not only for the city but for the state that needs a vibrant capital city to bring employers and visitors to the region. Manage your budget and cut expenses, Mayor Wu. That what business and families are forced to do when faced with an unbalanced budget.