Commercial Vacancies Hit Tax Rolls Hard

As commercial vacancies increase, cities are feeling the pain of lower tax revenues.
March 11, 2009, 5am PDT | veracity
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"Troubles rolling through the real estate market into commercial properties are taking a toll on municipal tax revenues. Whether the city relies on property, sales, or income taxes, vacancy still hits hard."

"Terry Schwarz of Cleveland's Urban Design Collective explains why the city now has 40 square feet of retail floor area per person, compared to a national average of 19, 'Retail follows those populations out. It doesn't mean that the older stuff disappears, it just functions less well.'"

Thanks to Andy Taylor

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Published on Sunday, March 8, 2009 in BusinessWeek
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