Now here’s an idea – tax breaks for investors who put money into troubled office towers and suburban office parks.

That’s the brainchild of U.S. Rep. Devin Nunes (R-Calif.) and Rep. Shelley Berkley (D-Nev.), who reached out across party lines to proposed the Community Recovery and Enhancement Act.

The bill would dole out generous tax breaks and other incentives to investors who pump cash into underwater (as in the value having fallen below the debt) buildings. Most of the money - 80 percent – would have to go toward reducing debt.  The remaining 20 percent would be designated for energy efficiency projects and other building improvements.

The proposal, however, comes a little late with fears receding that we will see a flood of foreclosures in the commercial real estate market to match the battled residential sector.

We can’t save everyone – nor should we.

One owner’s office building bust, after all, is a potential opportunity for some buyer out there.

This entry was posted on Friday, March 18th, 2011 at 3:57 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.