California Lawmakers Push Forward with $5 Per SquareFoot Commercial Vacancy Tax Proposal
May 7, 2025
Commercial real estate industry representatives have voiced strong opposition to the proposal, arguing it fails to account for market realities like post-pandemic vacancies, economic cycles, and the complex factors that contribute to commercial property remaining unoccupied. San Francisco commercial real estate attorney Manuel Fishman, a partner at the Buchalter law firm, notes that the bill misinterprets the motivation of any owner of commercial real estate. “You don’t make money in real estate by keeping space vacant. Developers and owners do not need the State of California to penalize them for searching for the right tenant, with the right credit, and with a viable business plan. Getting any of that wrong results in losses and litigation.”
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