Reply to Real talk about the city’s economy, federal buildings leases, and telework impacts

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[quote=Anonymous][quote=Anonymous]Let’s talk about the real issue—what’s the DC city council going to do with DC taxes when downtown commercial real estate is marked down? The commercial real estate tax rate is twice as high as the residential one so even if we have a bunch of downtown conversions with minimal reductions in value (the best case scenario) you still have a fiscal hit to the city. And then of course there are likely to be markdowns.

Raise residential property taxes? Income taxes?
[/quote]
This is a very good question. Bowser already said that residential real estate is off limits, but all other revenue streams are basically tapped out.

The plan right now seems to be denial with a mix of hope and pray, because everyone knows that the budget hit doesn’t happen until 2025 and that’s a lifetime away in politics.

The initial reaction seems to be to demand a Fed bailout with an attitude that the city is entitled to one. That’s predictably going over like a lead balloon. The next option would probably be to issue more debt to kick the can out until after Bowser completes her term and can leave the problem to her successor.

At some point, tax increase or no, they are going to have to start cutting budget and that’s when things are going to get ugly. [/quote]

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