Earlier this year, Richard A. Ciccarone of Merritt Research Services published the report Tracking Municipalities’ Reliance on Top Taxpayers: Exploring Commercial Real Estate Positions in 33 Major Cities that discusses the likely impacts the pandemic would have on municipalities and their taxpayers, specifically those holding commercial real estate. A recent Wall Street Journal article refers back to these warnings mentioned by Richard and how they are now being played out in reality.
Read the full WSJ Article: “Shrinking Office Building Values Are Becoming a Dilemma for City Budgets”
