New York Times (March 14)
Some now fear an “urban doom loop.” Cities are encountering budget crunches brought on by “steep discounts” in office and commercial real estate “as the pandemic trends of hybrid and remote work have persisted.” Cities are “starting to bear the brunt.” Budgets once reliant “on taxes associated with valuable commercial property are now facing shortfalls and contemplating cutbacks as lower assessments of property values reduce tax bills.” Cutting services or raising taxes could make cities less attractive, inducing urban flight and further exacerbating city budgets.
Tags: Budgets, Cities, Commercial, Cutbacks, Discounts, Fear, Hybrid, Office, Pandemic, Property, Real estate, Remote, Services, Shortfalls, Tax, Urban doom loop
Institutional Investor (April 2)
Expectations are low as U.S. companies prepare to report first quarter results. Consensus forecasts “show a decline in first quarter earnings of more than 4 percent, with anticipated shortfalls across all sectors. This represents the largest downward revisions since the first quarter of 2009.”
Tags: Decline, Downward revision, Earnings, Expectations, Forecasts, Results, Sectors, Shortfalls, U.S. Q1
