Anonymous wrote:Funny people criticize Bowser’s relationships with developers when all her predecessors starting with Tony were significantly worse. Tony had to sell DC to developers to balance the budget. At the time, it made sense, but still he did it. She’s now facing different challenges since the pandemic and downtown has to be managed differently with a lot of companies still on full telework.

The difference is downtown was a ghost town. She sells vibrant parts of the city to developers and they often become worse.

Anonymous wrote:Funny people criticize Bowser’s relationships with developers when all her predecessors starting with Tony were significantly worse. Tony had to sell DC to developers to balance the budget. At the time, it made sense, but still he did it. She’s now facing different challenges since the pandemic and downtown has to be managed differently with a lot of companies still on full telework.

At least he got something done. She just pays developers for substandard work and over pays.

Anonymous wrote:
The point is the city's finances are managed far better now than they were when the Control Board was put in place. There is no reason to think Congress would put unelected bureaucrats in charge of D.C. now that the District has managed its fiscal policy perfectly well for more than 20 years.

All bets are off when the GOP runs the House. There is no limit to the anti-democratic measures they'll take.

Anonymous wrote:Not seeing the budgetary numbers there - how much of a hole will the CRE drop put in the District budget?

I’ll say one thing, a major budgetary hole and corresponding cuts in services are going to lead to residential flight, as city services are already under pressure from crime increases and post-pandemic schooling issues

From the article:

“Sayin predicts the market could lose $6B in value, which would mean the District loses over $100M in revenue, but she said some project the impact to be even greater.”

Not seeing the budgetary numbers there - how much of a hole will the CRE drop put in the District budget?

I’ll say one thing, a major budgetary hole and corresponding cuts in services are going to lead to residential flight, as city services are already under pressure from crime increases and post-pandemic schooling issues

Anonymous wrote:

Anonymous wrote:Funny people criticize Bowser’s relationships with developers when all her predecessors starting with Tony were significantly worse. Tony had to sell DC to developers to balance the budget. At the time, it made sense, but still he did it. She’s now facing different challenges since the pandemic and downtown has to be managed differently with a lot of companies still on full telework.

The whole point of the letter from the Federal City Council, which I encourage you to read, is that DC is in the process of mismanaging its finances in the post-COVID recovery in significant ways that can have long term implications on its fiscal position.
https://www.federalcitycouncil.org/wp-content/uploads/2022/11/Letter-to-CFO-Glen-Lee-on-Commercial-Property-Vulnerabilities-11.14.22-final.pdf

If the DC Council keeps spending like a drunken sailor while the revenues continue to decline, the implications are that there is a risk that the Control Board could be reinstated.

If you don’t want the Control Board to come back, you should be calling on your representatives to follow the recommendations of Tony Williams.

There is no risk that the Control Board will be reinstated. And let's remember to take Tony's advice for what it is now -- the official opinion of an organization that represents the city's biggest business interests. That letter makes some useful points, but it's not just an elder statesman weighing in out of concern; one of the arguments it makes is that business owners want property tax assessments lowered. It's also not exactly surprising that a group that includes a lot of real estate developers is worried that the city isn't doing enough to get downtown workers back to offices, i.e., tenants back into expensive office space that companies might otherwise want to renegotiate their leases on.

Anonymous wrote:Funny people criticize Bowser’s relationships with developers when all her predecessors starting with Tony were significantly worse. Tony had to sell DC to developers to balance the budget. At the time, it made sense, but still he did it. She’s now facing different challenges since the pandemic and downtown has to be managed differently with a lot of companies still on full telework.

The whole point of the letter from the Federal City Council, which I encourage you to read, is that DC is in the process of mismanaging its finances in the post-COVID recovery in significant ways that can have long term implications on its fiscal position.
https://www.federalcitycouncil.org/wp-content/uploads/2022/11/Letter-to-CFO-Glen-Lee-on-Commercial-Property-Vulnerabilities-11.14.22-final.pdf

If the DC Council keeps spending like a drunken sailor while the revenues continue to decline, the implications are that there is a risk that the Control Board could be reinstated.

If you don’t want the Control Board to come back, you should be calling on your representatives to follow the recommendations of Tony Williams.

Funny people criticize Bowser’s relationships with developers when all her predecessors starting with Tony were significantly worse. Tony had to sell DC to developers to balance the budget. At the time, it made sense, but still he did it. She’s now facing different challenges since the pandemic and downtown has to be managed differently with a lot of companies still on full telework.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The council is full of morons. I’m not sure the mayor is any better. Get ready for a control board redux.

D.C. has a $1.6 billion reserve fund right now -- I think it's far, far from the days of the control board. And why would a Democratic Senate and White House go along with an attempt to put unelected financial managers in charge of the District?

This is a complete misunderstanding of DCs reserves. Over $500 million of DCs reserves are Congressionally mandated for Emergencies and Contingencies. These reserves have special requirements for use and are required to be replenished if used. In addition, there is about $700 million that is officially called a “reserve” but is designated specifically and only for Cash Flow purposes. This reserve cannot be used for any other purpose and also is required to be replenished if used. Lastly, there is only about $200 million that DC has allocated in a rainy day fund, which provides a reserve for general obligations when revenues fall and it is the only reserve that is not required to be repaid.

DC has far more in reserves than is required, but here's why that's a bad thing!

DC has $200 million in “reserves”, as they are commonly understood. That is a far cry from believing that they have $1.6 billion.

The point is the city's finances are managed far better now than they were when the Control Board was put in place. There is no reason to think Congress would put unelected bureaucrats in charge of D.C. now that the District has managed its fiscal policy perfectly well for more than 20 years.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The council is full of morons. I’m not sure the mayor is any better. Get ready for a control board redux.

D.C. has a $1.6 billion reserve fund right now -- I think it's far, far from the days of the control board. And why would a Democratic Senate and White House go along with an attempt to put unelected financial managers in charge of the District?

This is a complete misunderstanding of DCs reserves. Over $500 million of DCs reserves are Congressionally mandated for Emergencies and Contingencies. These reserves have special requirements for use and are required to be replenished if used. In addition, there is about $700 million that is officially called a “reserve” but is designated specifically and only for Cash Flow purposes. This reserve cannot be used for any other purpose and also is required to be replenished if used. Lastly, there is only about $200 million that DC has allocated in a rainy day fund, which provides a reserve for general obligations when revenues fall and it is the only reserve that is not required to be repaid.

DC has far more in reserves than is required, but here's why that's a bad thing!

DC has $200 million in “reserves”, as they are commonly understood. That is a far cry from believing that they have $1.6 billion.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The council is full of morons. I’m not sure the mayor is any better. Get ready for a control board redux.

D.C. has a $1.6 billion reserve fund right now -- I think it's far, far from the days of the control board. And why would a Democratic Senate and White House go along with an attempt to put unelected financial managers in charge of the District?

This is a complete misunderstanding of DCs reserves. Over $500 million of DCs reserves are Congressionally mandated for Emergencies and Contingencies. These reserves have special requirements for use and are required to be replenished if used. In addition, there is about $700 million that is officially called a “reserve” but is designated specifically and only for Cash Flow purposes. This reserve cannot be used for any other purpose and also is required to be replenished if used. Lastly, there is only about $200 million that DC has allocated in a rainy day fund, which provides a reserve for general obligations when revenues fall and it is the only reserve that is not required to be repaid.

DC has far more in reserves than is required, but here's why that's a bad thing!

Anonymous wrote:

Anonymous wrote:The council is full of morons. I’m not sure the mayor is any better. Get ready for a control board redux.

D.C. has a $1.6 billion reserve fund right now -- I think it's far, far from the days of the control board. And why would a Democratic Senate and White House go along with an attempt to put unelected financial managers in charge of the District?

This is a complete misunderstanding of DCs reserves. Over $500 million of DCs reserves are Congressionally mandated for Emergencies and Contingencies. These reserves have special requirements for use and are required to be replenished if used. In addition, there is about $700 million that is officially called a “reserve” but is designated specifically and only for Cash Flow purposes. This reserve cannot be used for any other purpose and also is required to be replenished if used. Lastly, there is only about $200 million that DC has allocated in a rainy day fund, which provides a reserve for general obligations when revenues fall and it is the only reserve that is not required to be repaid.

Anonymous wrote:

Anonymous wrote:With Barry the problem was corruption. With Bowser & Council, the problem is sheer stupidity. I pray for Control Board.

Maybe instead of praying for your fellow citizens' votes to be disregarded because you don't like the people they elect, you should run for office yourself and see if people like your ideas better.

There is a corrupt taint to the Bowser administration when it comes to the overly-cozy relationship with crony developers.

Anonymous wrote:With Barry the problem was corruption. With Bowser & Council, the problem is sheer stupidity. I pray for Control Board.

Maybe instead of praying for your fellow citizens' votes to be disregarded because you don't like the people they elect, you should run for office yourself and see if people like your ideas better.

With Barry the problem was corruption. With Bowser & Council, the problem is sheer stupidity. I pray for Control Board.