On December 1, 2022, the D.C. Policy Center’s testimony on housing and affordable housing District-wide and downtown, was cited by the Washington Business Journal:
“For every decline of $100 million in commercial property tax assessments, annual property tax revenue falls by $2 million,” read the letter, which was signed by 15 major local real estate executives including Oliver Carr, Sandy Wilkes, Monty Hoffman and Jair Lynch. “It is vitally important for city officials to fully comprehend the difficult environment commercial office buildings are operating under and the risks to the future tax revenue.”
Of 733 large buildings in D.C., about one in five are more than 25% empty and could rise to one in three if leasing activity does not increase, according to analysis of tax data from D.C. Policy Center, further stressing the city’s tax base.
Read more: D.C. Council proposes more incentives to address office, retail vacancies | Washington Business Journal
Related: Testimony on housing and affordable housing District-wide and downtown | D.C. Policy Center