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Property taxes will have to skyrocket to compensate for the lost tax revenue in many cities. Whether we like to admit it or not, the infrastructure costs are a
by voidwtf 3y ago
Property taxes will have to skyrocket to compensate for the lost tax revenue in many cities. Whether we like to admit it or not, the infrastructure costs are a shared cost and if we lose a lot of commercial tax revenue that was indirectly gathered from residents, it will have to be gathered directly from residents.
Increased property taxes will push people on the margins out and compound the issue while also decreasing real-estate value.
- chasd00 3y agoYou’re trying to scare people into thinking another real estate crisis on the scale of 2008/2009 is looming. Stop. The commercial real estate market is a fraction of the residential real estate market. Further, actual local businesses in communities are benefiting from WFH workers.
- voidwtf 3y agoI didn’t say that. I don’t see how businesses in these commercial areas do not suffer, and I don’t see how that does not translate into job losses, and I don’t see how this combination does not result in lost tax revenue. WFH likely means people spend less on gas and eating out. This is one of the benefits touted by WFH proponents, myself included. I am spending at least $300 less a month since WFH. Yes I’m certain some tax revenue shifted to the city I live in, but it definitely shifted away from the city my office was in.
- johnnyanmac 3y ago>You’re trying to scare people into thinking another real estate crisis on the scale of 2008/2009 is looming. it's not 2008 levels, because as you said residents outpace business. But it is a significant factor and I'd say it is looming. >actual local businesses in communities are benefiting from WFH workers. I'm not so sure about that (I feel less inclined to go out when WFH), but I'd love to see data on this.