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Downtown Boston housing revival: Empty office space to be converted into apartments

The BPDA will soon be deciding the fate of the first application under a program aimed at converting vacant office space into residential use. ....

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Boston faces $1.5 billion shortfall from declining commercial property taxes, report warns

A city official downplayed the financial threat to the city. ....

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As office real estate slumps, Boston budget could take a hit

The declining value of Boston’s office buildings could mean the city will face a revenue shortfall of between $1.2 billion and $1.5 billion over the next five years. ....

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Empty office buildings have Boston staring down $1 billion budget shortfall

The city’s eroding commercial tax base, driven by hybrid work practices that have left office buildings largely vacant, could leave Boston with a $1 billion-plus budget shortfall in 5 years, a scenario that may lead to higher taxes for residents. ....

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Report: Boston faces more than $1 billion tax shortfall due to empty offices

Boston will likely lose $1.4 billion in tax revenue over the next five years, according to a report by the Boston Policy Institute. The city also could face an ongoing shortfall of about $500 million a year after that. ....

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