"The rezoning presents significant issues for the businesscommunity," Tom Lucey, Cambridge Chamber of Commerce president,tells GlobeSt.com. "It limits the ability of those with businessesalready on the ground to refinance or sell their buildings or buildout."
Lucey emphasizes that he is not opposed to the concept ofrezoning in order to increase housing options or even to all 17district changes, but he believes that six to seven of thedistricts need to reconsidered. "Rezoning should be one tool thatis in the city's tool box, but there are going to be unintendedconsequences here," he points out.
The financial impacts of the rezoning are still unclear butLucey notes that it would have a real impact on the city's bottomline because of the reduced tax base. He believes that growth ofspending would be reduced by up to 20%.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
