How Dwindling Property Taxes Affect You
Downtown L.A.’s office towers are losing value fast — and it’s not just a real estate story.
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When skyscrapers lose hundreds of millions in value, the city collects less in property taxes. That means less money for things we all rely on: 🚒 firefighters, 📚 libraries, 🌳 parks, and 🚧 street repairs.
A new report warns Los Angeles could lose $353M in tax revenue over the next 10 years. That’s about $35M a year — at a time when the city is already facing big budget deficits.
One idea on the table? Convert empty offices into much-needed housing, boosting both homes and tax revenue.
A new report warns Los Angeles could lose $353M in tax revenue over the next 10 years. That’s about $35M a year — at a time when the city is already facing big budget deficits.
One idea on the table? Convert empty offices into much-needed housing, boosting both homes and tax revenue.