Alaska’s economy is currently experiencing the far-reaching impacts of the COVID-19 virus.
Almost every community in the state has experienced reduced retail services, closed restaurants and vacancies in office space or commercial buildings. These conditions have resulted in a loss of jobs, decline in the economy and decrease in economic activity, all contributing to a negative impact on the residential and commercial real estate market.
Now the supporters of Ballot Measure 1 want to add salt to an open wound. As the voice for real estate in Alaska, the Alaska Realtors are strongly opposed to the passage of Ballot Measure 1. This measure creates a disincentive to the oil industry to stay and invest in the development of Alaska’s resources by increasing production taxes 150% to 300%.
Ballot Measure 1 is a misguided attempt to “fix” our economic problems with a short-term solution, which may well result in an economic downturn with greater and more far-reaching effects than a pandemic. Regardless of whether voters think the oil industry should pay more in taxes, 2020 is the wrong year to implement a change of this magnitude. We simply cannot take the risk of causing industry companies to either leave Alaska, or greatly reduce their activities here. We need to encourage them to stay, invest in our resources and create a more positive partnership.
Remember, it is not just the “big guys” who will be affected. Many of the smaller Alaska companies providing services and support to the oil industry will be affected as well.
The Alaska Realtors' objective is to strengthen our economy and communities by supporting an environment that will result in economic prosperity. Our goal is to promote and protect the rights of private property owners and the dream of homeownership for all who strive to achieve it.
We can accomplish this by working with our industry partners to solve our fiscal problems and find a long-term solution without jeopardizing our relationship with the industry that has created financial wealth for our state. Vote no on Ballot Measure 1.
— Evelyn Arnott
President, Alaska Realtors
Anchorage
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