Obama Commission to Review Fed Properties

Wednesday, 02 Mar 2011 10:01 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The Obama administration has been forced to scrap ambitious plans announced last summer to sell off thousands of government buildings after conceding they were unworkable. The White House will shift from a plan involving a case-by-case evaluation of the properties and replace it with a commission made up of private and public sector experts, The Washington Post reports.

commission, old federal buildingsThe new commission will be tasked with finding $15 billion in savings. An official said that the plans announced last year were insufficient to me the goal of significantly cutting federal building costs by the end of fiscal year 2012, the Post said.

Of the more than 1 million buildings the government owns around the world about 14,000 are vacant and 55,000 underused. The government’s attempts to unload these properties has been criticized by government auditors citing such cases as buildings in California and Missouri that were declared surplus in 2002 but were still in government hands in 2009, the Post reported.

Commercial real estate experts are also skeptical of the amount of savings cited, noting many of the properties are old and situated in poor locations. Even buildings in good locations are not selling at top dollar. A building in downtown Bethesda, Md., sold at $1.5 million below asking price last summer, the Post said.


© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Army Pulls ROTC Job Posting Requiring Christian Candidates

Thursday, 18 Dec 2014 22:18 PM

The Army has pulled a job posting at an Illinois religious college that required leaders of its ROTC program to be Chris . . .

Military Analysts: Bergdahl Report to Show He Deserted

Thursday, 18 Dec 2014 21:52 PM

The Army's report on Sgt. Bowe Bergdahl will show he deserted, but not that he is a traitor, two military analysts famil . . .

Dr. Ben Carson 2016: 5 Hurdles Facing GOP Presidential HoDr. Ben Carson 2016: 5 Hurdles Facing GOP Presidential Hopeful

Thursday, 18 Dec 2014 21:33 PM

Dr. Ben Carson has been an honored neurosurgeon and successful author, gaining a wide audience, but he is relatively new . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved