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Mayoral Candidates Need to Address Boston’s Business Challenges

Press Article: Addressing Boston’s Commercial Property Challenges

As Boston grapples with a wave of empty commercial buildings, Mayor Michelle Wu and her challengers face pressing questions: How will they revitalize these spaces and reassure property owners that the city remains a viable business hub?

Commercial property owners have recently raised concerns over a "hidden penalty" linked to tax abatements. After appealing their property assessments, many have seen their assessed values increase, leading to skyrocketing tax bills. Journalist Daniel Swift reported that this phenomenon could result in additional property tax liabilities ranging from hundreds to nearly $400,000, contributing to a staggering overall over-assessment of $9 billion for office properties.

With the Boston Policy Institute noting a more severe decline in office values than initially projected, the city risks a budget shortfall of $1.7 billion over the next five years. Critics argue that the Wu administration’s tactics could alienate businesses, particularly as workers adapt to remote or hybrid structures post-pandemic.

As the mayoral candidates prepare for upcoming forums, a clear strategy is essential. Addressing commercial property taxation, understanding the needs of property owners, and creating initiatives to attract new businesses will be critical steps for revitalizing Boston’s commercial landscape.

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Note: The image is for illustrative purposes only and is not the original image of the presented article.

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