Biz Leaders Pan Boston Tax Plan: A constellation of senior leaders in the city’s business community spent this morning issuing dark predictions about Mayor Michelle Wu’s commercial property tax plan.

The proposal to temporarily increase the Boston commercial property tax rate would further diminish downtown as an economic center and drive businesses to Boston’s suburbs, the executives said at a forum organized by real estate developer group NAIOP-MA.

Greater Boston Chamber of Commerce CEO Jim Rooney, Eastern Bank Chief Credit Officer Matthew Osborne and Back Bay Association head Meg Mainzer Cohen joined leaders from a business-backed watchdog group and a tax consultancy that yesterday predicted Boston commercial properties would see a $2.6 billion hit to their values should the tax plan pass.

What else is on tap today?

‘Usurious’ Lender Forced Out: Saying it charged illegally high interest rates to customers, Attorney General Andrea Campbell announced her office was forcing EasyPay out of the Massachusetts market.

New Bank CEO: New York State-based NBT Bank, which has been steadily growing its presence in the Berkshires market, formally completed its CEO transition Tuesday.

AI for Fraud Prevention: Mastercard said this morning that it expects to be able to discover that your credit or debit card number has been compromised well before it ends up in the hands of a cybercriminal.

Don’t Miss This

The five biggest real estate and banking stories you have to read today, including from B&T’s pages.

 Is Josh Kraft mulling a run for mayor? Many Boston political insiders seem to think so. (Boston Globe)

Formula-based community benefit requirements. Trained citizen review boards. Boston’s mayor is floating big ideas to streamline development approvals. (Banker & Tradesman)

Massachusetts’ housing market and its 8.8 percent rise in single-family sales is an outlier: Nation-wide, home sales dropped 1.9 percent. (NAR)

✍️ When HDS Architecture founder Hans Strauch set out to tackle a deeply personal commission, he decided to step back from the common modernist aesthetic and design “something that had greater meaning.” (Banker & Tradesman)

The music has stopped for CRE crowdfunding platforms (Bisnow)

The B&T Daily: May 22, 2024

by James Sanna time to read: 1 min