Minneapolis mayoral candidate Omar Fateh has an idea for filling empty storefronts: When they’re vacant, tax the landlord.
Why it matters: Retail vacancy blights neighborhoods, raises crime rates, and dampens efforts to restore downtown Minneapolis’ vibrancy.
- Right now, nearly 29% of retail square-footage downtown is unused — more than double the pre-pandemic vacancy rate, according to the Minnesota Commercial Real Estate Association.
The big picture: Fateh’s proposed solution — a commercial vacancy tax — is also emblematic of where he breaks with his fellow challengers to Mayor Jacob Frey. Fateh has been more eager than his allies to embrace big-government interventions like rent control or a city income tax.
What they’re saying: “We’re witnessing the slow erosion of our city’s commercial corridors, where they have remained underutilized, blighted, and ultimately abandoned,” Fateh told Axios. “We must think creatively about big ideas to meet the moment.”…