The city of Boston will lose out on an estimated $1.2 billion to $1.5 billion in commercial-property tax revenue over the next five years because of the declining value of office buildings, a major budgetary hole that officials will be hard-pressed to find ways to plug, a new report found.
The report, to be released Thursday by the Boston Policy Institute think tank, is one of the first to put hard numbers on the fiscal fallout faced by the city because of turmoil in the office market. Vacancies have jumped and property values have fallen as employers have adopted hybrid and remote work in a seemingly permanent way.
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