Dan Bacani interviews with BisNow

Fed Up With Vacant Storefronts, Residents Force Cities To Punish Retail Landlords National Retail

August 12, 2018

By Cameron Sperance and Joseph Pimentel

“Cities see storefront vacancies as a missed opportunity to generate sales tax, which pays for city services”, said Lee & Associates Pasadena Founding Principal Dan Bacani, who once served as an economic development consultant for the city of Arcadia, California. Arcadia, about a 17-mile drive northeast of downtown Los Angeles, is not proposing a vacancy tax but, like many cities across the nation, is grappling with how to deal with empty storefronts. “Some cities have poor opinions of landlords because the space is vacant,” Bacani said. “But implementing a tax will only have a negative effect and further hurt relationships.”

Read full article: https://www.bisnow.com/national/news/retail/fed-up-with-vacant-storefronts-residents-force-cities-to-punish-retail-landlords-91715