Fox 45 Downtown Baltimore grapples with plummeting property values amid urban exodus
The struggle to revive downtown Baltimore appears to be deepening.
The recent sale of the 30-story building at One South Street sold for a fraction of its value in 2015. Eight years ago, the building sold for $66 million. Last month, new owners purchased the building for $24 million.
The values of downtown property took another hit last month when the city reduced the assessed value of a building at 100 East Pratt Street, currently home to T. Rowe Price. The building had been assessed at $171.4 million. When owners appealed, the city reduced the assessed value to $93.65 million.
"The property values are declining rather rapidly," said Economist Anirban Basu, President of the Sage Policy Group.
Basu says companies, which are desperately searching for staff and safety, are moving out of downtown and predicts the city's tax base will suffer. "The only way for Baltimore to get out of this quandary is to grow its tax base, to add taxpayers, not subtract from that," said Basu.
Well, nobody wants to live there because of crime, etc. What are you going to do in an city with 14,000 empty houses? It looks like Baltimore is headed down the same road Detroit took.
Good. It was a guilded slum when I lived in the area back in the early 90s. They voted for their leadership and they are sowing the direct consequences of their choices. Screw em.
ReplyDeleteBaltimore is the home of the dark Amish. Its a wonderland of thugs, queers, druggies, and liberal mutants. They created this hell hole, let them stew in it. The same goes for the dark Amish allies, the Kebler drag queens and Havard Antifa.
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