How dwindling property taxes affect you

Downtown L.A.’s office towers are losing value fast — and it’s not just a real estate story.

When skyscrapers lose hundreds of millions in value, the city collects less in property taxes. That means less money for things we all rely on: 📚 libraries, 🌳 parks, and 🚧 street repairs.

A new report warns Los Angeles could lose $353M in tax revenue over the next 10 years. That’s about $35M a year — at a time when the city is already facing big budget deficits.

One idea on the table? Convert empty offices into much-needed housing, boosting both homes and tax revenue.

Reported by Roger Vincent
Video by @tomexploresla

Видео How dwindling property taxes affect you канала 404 by L.A. Times