"Boston Mayor Michelle Wu is proposing to give downtown office building owners a property tax break of up to 75% over a 29-year period to convert their properties into apartments or condos." .
@TheStalwart
I asked this question about a year ago, and one of the experts who lurk on here told me this was impossible because of the way office buildings are designed (plumbing, etc.). I no longer listen to so-called experts.
@TheStalwart
@Noahpinion
I’d be curious to see how the math works. The problem is these ppl are losing money and have to refi at higher rates soon. What they probably need is cheap loans to redevelop the properties, or the city needs to wait for distressed sales & new buyers who can bankroll conversions.
@TheStalwart
Seems like a good move, might prove to be a template for other cities.
To be very frank, most of the big cities on both east and west coast will need something like this to thrive in long term.
Current back to office agenda is purely driven by office and hotel property…
@TheStalwart
@jennablan
So when people move into those buildings and need services that are funded by property taxes, where dues that funding come from??