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Commercial Vacancies Hit Tax Rolls Hard

Posted by: veracity
Thanks to: Andy Taylor
11 March 2009 - 5:00am

As commercial vacancies increase, cities are feeling the pain of lower tax revenues.

"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.'"

Full Story: A Ghostly Commercial Sprawl Drains Municipal Funds
Source: BusinessWeek, March 8, 2009
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"It's so out of control," said Duany, referring to the current state of public participation in planning decisions in the United States. "It's an absolute orgy of public process… basically, we can't get anything done."
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