South Boston Today February 15 2024

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State Budget Cuts And Dipping Office Real Estate Values Are Problems For Boston

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etween the projected $375M in emergency cuts issued by Governor Maura Healey due to revenue shortfalls, and the dropping real estate values in downtown Boston office buildings - exacerbated by the more expensive capital costs -, Mayor Michelle Wu is facing her most daunting challenge to her vision for fundamental public policy changes and the financial support for her many program initiatives. The specific net effect is not clear but revenues to Boston will drop. Multiple lawmakers told the Boston Globe about the planned state budget cuts after they were contacted by officials within the Healey administration. The budget for a variety of local earmarks will be cut by 50%, impacting things like funding for nonprofits and economic development programs. State programs, such as ones dealing with health and human services, could also be affected.

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February 15, 2024: Vol.12 Issue 7

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