Austin's real estate development pressures are threatening the stability of local arts and cultural organizations. At a recent Urban Land Institute panel, experts highlighted significant issues such as rising rent and property taxes that contribute to the precarious financial state of these organizations. As many face upcoming lease expirations, there are fears over their ability to maintain spaces crucial for performance and artistic expression. With various economic strains, including doubled insurance costs and a decline in attendance post-COVID, creative organizations need support and new city programs aimed at preserving cultural spaces.
"Many of these organizations are also being sort of sidelined by property taxes increasing every year, and most leases pass that property tax burden on to the tenant."
"Their insurance costs have also started to double, just things like property taxes, and none of the venues are selling enough beer anymore because people don't drink (as much)."
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