BOSTON, MA – The following statement is from Josh Kraft regarding the latest report from the Boston Policy Institute & Tufts University’s Center for State Policy Analysis showing the devastating consequences of a cratering commercial real estate market in Boston, and its impact on city finances:

“Leadership requires acknowledging hard truths, not wishing them away. It is now clear that commercial real estate values are going to continue to decline and have a negative impact on future city budgets. As mayor, I will employ a two-part strategy to address this significant fiscal challenge.

First, I will put in place a robust growth strategy that starts with accelerating development in the city, especially development of housing for working people. Accelerating economic activity will increase revenue for future city budgets. There is so much potential for growth in Boston, especially in the housing and development market, that is sitting idle right now because we have a mayor that has made building expensive and unpredictable. We can make a major dent in the future budget challenges by getting serious about pro-growth policies like my housing plan.

Second, I will take a hard look at the city’s budget for areas to find savings. Families across Boston must manage their budgets responsibly and so should city government. Since becoming mayor, Michelle Wu has grown the city budget over 20% in three years and has shown little interest in fiscal discipline. She has loaded up City Hall with over 300 new staff at an annual cost of $47 million, while increasing taxes on residential homeowners by an average of 10%.

Finally, Michelle Wu’s proposal to increase the tax burden onto the commercial sector will be a disaster, especially for the small businesses that serve our citizens and give Boston’s neighborhood their unique character.”

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Media contact:

Eileen O’Connor

eileen@joshforboston.com

617-806-6999