As someone who witnessed firsthand the seismic shifts in retail brought about by the COVID-19 pandemic, the need for dynamic and flexible retail strategies has never been clearer. The pandemic re-emphasized the significance of community-driven businesses. Although retail is bouncing back, it is disheartening to see landlords struggle to understand the lasting changes in the market.

To encourage adaptability and foster growth, Neighbors DC proposes a quarterly tax on landlords and property owners with properties that have been vacant for five years or longer. The tax should be 50% of the property's asking rental price. We strongly advocate that these spaces should be made accessible to businesses generating $3 million or less in annual gross revenue, under gross or modified gross lease terms.

According to a 2020 report from the Urban Institute, there are over 17 million vacancies nationwide, a clear indicator of viable space going unused. Implementing such a tax would help to reduce vacancy rates and provide additional spaces for fledgling businesses aiming to establish themselves amidst a challenging retail landscape.

Through this petition, we request policymakers to focus their attention on these vacant properties and to adjust their strategies in line with the changes in the retail market. Together, we can drive a more inclusive and robust recovery for all. Please support this initiative and sign the petition.