Awesome! Higher Taxes, Fees And More Government On The Way For Boston’s Office Market
Now that should be enough to spoil your lunch, especially if you own or lease space in downtown Boston.
But sadly, just as the commercial real estate industry starts to climb out of a savage downturn, along comes City Hall rattling a tin cup, looking for cash.
Boston’s first business improvement district will kick into gear this spring, covering Downtown Crossing and a rich little slice of the Financial District, as well as extending out to the borders of the Theater District and Chinatown as well.
Overseen by local building owners, the new BID will take in $3 million to $4 million a year to pay for everything from tidier streets to concerts and flower pots.
However, it comes atop a not insubstantial jump in Boston’s commercial tax rate as City Hall scraps for cash after a tough downturn and insatiable budget demands.
But if you think this is a one-time experiment to bail out struggling Downtown Crossing, think again.
Other civic and business groups are researching their own potential BIDs, from North Station to Chinatown, according to Rosemarie Sansone, president of the Downtown Crossing Partnership which helped launch the new Dowtown Boston BID.
Of course, there can be good reasons for BIDs. One that was more narrowly targeted on Downtown Crossing, instead of expanding into other neighborhoods, might even win me over.
But a city crisscrossed by BIDs, each with its own petty government/corporate fiefdom sucking millions fees out of the private sector? That definitely is over the top.
If nothing else, it takes the pressure off City Hall to mind its own finances – and find more efficient ways to provide key services.