DC isn’t immune to the global financial and economic crisis, but there are steps the city can take to lessen the blow and aid in DC’s recovery once the dust settles, according to the Downtown BID’s latest Leadership Paper.
The report, DC’s Response to the Global Financial and Economic Crisis, focuses on steps city government and the business community should consider immediately to reduce the impact of the global financial and economic crisis and boost the local economy’s recovery when conditions become more favorable.
These steps are as follows:
- Partner with federal agencies to maintain and expand their presence in the city.
- Develop economic development strategies for key sectors to create new development and job opportunities.
- Allow more flexibility for public/private real estate development opportunities.
- Continue to make strategic investments in the economy, infrastructure and neighborhoods.
- Devise tax policies to make commercial development and occupancy cost in DC more competitive regionally.
- Improve regional cooperative efforts.
“The goal of these steps is to ensure that DC weathers the current downturn and emerges prepared to capture its share of regional growth while growing its tax base for the benefit of all residents,” says Richard H. Bradley, executive director of the Downtown BID. “Over the past 12 years, DC has experienced a tremendous transformation. We’ve come too far to let this current crisis impede future economic progress.”
Click here to access DC’s Response to the Global Financial and Economic Crisis.