ICYMI: BPDA's Jemison & Council's Worrell talk BPI's Office Values report on Sunday shows
Jemison answers question on '@Issue'; Worrell talks revenue projection on 'On The Record'
On Sunday Boston Policy Institute Inc’s recent report ‘Fiscal Fallout of Boston's Empty Offices’ and the likely fall in property tax revenue from falling office values came up on two of Boston’s local public affairs shows: @Issue on NBC 10 and On the Record on Channel 5.
On NBC 10’s @Issue host Sue O’Connell directly referenced BPI’s report in her question about falling office values. Boston Planning & Development Agency Chief Arthur Jemison laid out in detail what the City of Boston was doing to respond to the issue:
Jemison’s answer to O’Connell’s question is a change in tone and content compared to the City of Boston’s initial response to BPI’s report. Here is the City of Boston’s response to BPI’s report from a few weeks ago, which came from Commissioner Nick Ariniello of the Assessing Department:
While we are unable to comment on a report that we have not seen, we have not seen any indications from the real estate markets that would translate to a loss of revenue to the City. The system for valuing real estate and collecting property taxes in Massachusetts is established by state law and is a structure which provides municipal governments with a level of stability that other jurisdictions throughout the country do not have. This is why through an unprecedented global pandemic the City was able to operate fully and provide services to our constituents while cities in other states were facing dramatic budget cuts. This stability is reflected in the AAA bond ratings that Boston has received for the past nine years. Although we don’t feel that the current real estate environment is going to lead to budgetary concerns, it is something that we are keeping a close eye on. A vibrant downtown and a strong mix of commercial and residential property is one of the things that helps make Boston the world class City that it is.
On Channel 5’s On the Record District 4 City Councilor Brian Worrell talked about how he was approaching the budget in his role as the Chair of the Council’s Ways & Means Committee. Councilor Worrell referenced our report answering a question about the possibility of budget cuts:
As Councilor Worrell said, the FY25 budget process has a long way to go. BPI will continue monitoring the budget process and releasing orginial research, expert analysis, and important resources on the most important issues facing MA and Boston.
WATCH THE COMPLETE INTERVIEWS
Watch the whole interview with BPDA Chief Arthur Jemison here.
Watch the whole interview with Councilor Brian Worrell here.
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