Mayor Sarno, CDO Sheehan and SRA Director Pham meet with Appleton Corporation President Matt Flink

Mayor Sarno states, “I want to thank President Matt Flink and Regional Commercial Property Manager Jennifer Murphy for taking the time to meet with myself and CDO Tim Sheehan as we carefully review and find plausible and sustainable solutions to the changing climate that is commercial real estate and properties post pandemic.  Although our downtown properties, restaurants and various amenities are thriving, especially this past weekend with our beloved Thunderbirds playing for their playoff lives and the Beyond the Stars Dancing Competition at our MassMutual Center which drew thousands downtown and packed all of eating establishments.  The hybrid remote working environment that was so common during the COVID-19 pandemic has forced many businesses to re-examine and adjust their business model even as all of the pandemic restricts have been eliminated.  This has resulted in some difficult consequences for our public and private sectors.  Private businesses that are returning to offices are adjusting their business model that may not require the square footage they once had.  In turn, the assessed value of commercial properties has stagnated while residential properties continue to rise putting the tax levy burden more upon our residents.  City’s all across American are currently dealing with this difficult situation and delicate balancing act of managing their budgets without significantly overburdening one property classification more than the other.  Mayor Michelle Wu and the City of Boston are at the crossroads now and must make some difficult decisions in the near future to address a serious budget concern.  My administration will continue to monitor this situation and work with our residents and business community to make sure there is a fair and sustainable path to move forward to maintain core city services, programs and initiatives.”