Cash Crunch: Mayor Moreno eyes city real estate to fill multimillion-dollar hole

March 21, 2026 - 05:46

Facing a severe multimillion-dollar budget shortfall, the city is turning its focus inward to its own assets. Mayor Moreno has issued an executive order establishing a specialized municipal task force charged with conducting a comprehensive audit of all city-owned real estate.

The directive comes as traditional revenue sources have weakened, creating a pressing need to identify new financial solutions. The newly formed team will catalog and evaluate every property in the city's portfolio, from vacant lots and underutilized buildings to office spaces and commercial leases.

The primary goal is to uncover untapped value and generate much-needed revenue. Strategies under consideration include selling non-essential parcels, renegotiating existing lease agreements to current market rates, and exploring public-private partnerships for development. The audit will also assess whether some city operations can be consolidated into fewer buildings, freeing up additional property for potential sale or repurposing.

Mayor Moreno emphasized that this proactive measure is essential for stabilizing the city's finances without immediately resorting to more severe austerity measures or tax increases. The task force is expected to deliver its preliminary findings and recommendations within the next ninety days, which will guide the city’s strategy for navigating its fiscal challenges.