If the property is devalued, the property taxes lower accordingly. Portland, Oregon has been facing this problem recently. The devaluations caused the tax revenues for the city to drop, which in turn has caused budget issues.
For example, "Big Pink" is an office tower in downtown Portland. It's last sale was for about $370 million. Out of desperation in a saturated market, the owners sold it last year for about $45 million. No one - the owners, the city, or the citizens - wants to have the vicious downturn of values, and there is no easy solution. Adding a vacancy tax just exacerbates the problem.
Now that's an interesting comment for him to include. The cynic in me could find / can think of lots of reasons from my YouTube feed as to why that might be so. What else is going on at Microsoft that could cause this sense of urgency?
Given all the videos I've seen on YouTube of bridge and building collapses in China, I think you're glossing over all their shortcomings. Maybe they do have a tight regulatory loop - I don't know - but their aggressive timelines and poor materials seem to have bitten them in the butt a number of times.
They didn't speak English, and I speak a little Spanish. I got to know a lot of these guys, so I asked them. My boss immigrated from Mexico, and he explained the under-the-table pay setup. Many landscapers and contractors in the area pay workers under the table because a lot of them under report income to the IRS. Plus, my stepmom was illegal before my dad and her got married, so it's no big deal to me.
I only brought it up to customers who had tap symbols on their cards. The surprising part wasn't that they didn't realize that they could tap, it's that they didn't even know that the technology existed.
During Covid, my business slowed way down, and I took a part time job at a gas station convenience store (because selling cigarettes made be essential). The store was in a suburb of Portland with an average household income in the top 10 of Oregon, but there were also a lot of trade workers, undocumented immigrants, and generally a good mix of income levels.
Some relevant observations:
- Lower income customers used cash much more than higher income.
- Men used cash way more than women, with the exception of retirement-age women buying their smokes / wine / beer.
- Undocumented workers almost always used cash. Most were paid in $100 bills on Fridays, so they were probably paid under the table.
- Phone tap-to-pay was almost exclusively iPhone. In fact, I don't think I ever saw an Android user pay by phone tap.
- A surprising number of people didn't realized they could just tap to pay instead of running the chip.
- If the till ran out of pennies for change, no one gave a shit.
All I want from Google Workspace is a single-user email account tied to my domain name. Instead, I have an overly complex system where I need to grant my own phone permission to watch YouTube videos. It would be nice if they had a more basic version.