Good News on More Worcester Development (Boston: real estate, buying, landlords)

[Greendale]

New Restaurant in Mercantile Center

GoLocalWorcester | New 500-Seat Restaurant to Open at Mercantile Center in 2021


Daughter works across the street in the Unum Building. I believe a Ruth's Chris Steakhouse is going in same building.

[Taffee72]

Now if only the wages would go up. I applied to an accounting job close to my house, and it paid $38,000. I couldn't believe it. Required bachelor's degree and several years of experience. I can't understand how comparable jobs in Boston pay $80k and in Worcester it's below $40k.

[masssachoicetts]

Originally Posted by Taffee72

Now if only the wages would go up. I applied to an accounting job close to my house, and it paid $38,000. I couldn't believe it. Required bachelor's degree and several years of experience. I can't understand how comparable jobs in Boston pay $80k and in Worcester it's below $40k.

Are you serious? Thats absurd. A Joke. Maybe it was the company?

[BosYuppie]

That’s insane. Did you try negotiating up at all? If they really expect mid career people to live on that in 2019+, then you dodged a bullet by not working there.

It’s probably a backfill for a position that somebody left after making that for 20 years or something like that.

[matrix5k]

38k wtf, I'm pretty sure State Street paid more than that when I graduated in 2006. And everyone leaves State St cause they pay so low.

[Greendale]

That seems quite low. Both my children, mid to late 20s, work downtown. As do a few of thier friends and all make in the late 40k to early 60k.

[Shrewsburried]

Originally Posted by masssachoicetts

Are you serious? Thats absurd. A Joke. Maybe it was the company?

Certain institutional employers in Worcester provide below market pay, but total compensation is relatively competitive.

For example, my wife was receiving 26% contributions to her 403b with 2% personal contribution. She also had a top flight Blue Cross HMO at zero cost. In that instance, her wages did not at all reflect her total compensation.

[MMS02760]

For the last five years, the City Council has overwhelmingly voted to raise the tax rate on businesses in the name of easing the financial burden on residents. Over that same period, half a dozen companies have left the city, taking with them hundreds of jobs.


Read the full article here:

Does the heavy tax burden drive businesses out of Worcester?
https://www.telegram.com/news/201912...t-of-worcester

[Shrewsburried]

Originally Posted by MMS02760

For the last five years, the City Council has overwhelmingly voted to raise the tax rate on businesses in the name of easing the financial burden on residents. Over that same period, half a dozen companies have left the city, taking with them hundreds of jobs.


Read the full article here:

Does the heavy tax burden drive businesses out of Worcester?
https://www.telegram.com/news/201912...t-of-worcester

The problem is two fold:

The commercial tax base is shrinking because Worcester's colleges and hospitals are buying up RE. This is a good problem to have as these institutions are the city's best employers in terms of wages and stability.This does, however, mean a small share of for-profits are hit with the tax burden.

Real estate taxes are already high in the city and residential landlords are also businessman with lobbying power. As much as commercial RE owners are fighting for lower tax rates, for profit residential RE owners are fighting to limit theirs. I don't see commercial interests winning this battle as largest employers are already paying low effective rates and res landlords are already being hit a large tax bill.

[New Englander]

Originally Posted by Shrewsburried

The problem is two fold:

The commercial tax base is shrinking because Worcester's colleges and hospitals are buying up RE. This is a good problem to have as these institutions are the city's best employers in terms of wages and stability.This does, however, mean a small share of for-profits are hit with the tax burden.

Real estate taxes are already high in the city and residential landlords are also businessman with lobbying power. As much as commercial RE owners are fighting for lower tax rates, for profit residential RE owners are fighting to limit theirs. I don't see commercial interests winning this battle as largest employers are already paying low effective rates and res landlords are already being hit a large tax bill.

Agreed. Worcester needs to expand out their PILOT program. We need to keep the positive economic momentum going.

https://www.worcestermag.com/news/20...ng-their-share