March 2nd, 2011
06:03 AM ET

Obama pushes sale of unneeded real estate

By CNN Wire Staff

WASHINGTON (CNN) –President Barack Obama is proposing the creation of a panel that will recommend how the federal government can sell off properties it no longer needs, an administration official said Wednesday.

The independent board would include public and private sector members who will develop a plan for matching the government's real estate holdings with its core missions and programs, the official said on condition of anonymity.

The sale, consolidation or other reconfiguring of government real estate holdings is expected to bring in $15 billion over the first three years of the board's operation, according to the administration official.

"This approach will enable us to cut through the red tape and overcome the special interests and parochial politics that have traditionally slowed or halted progress when efforts have been made to reduce government's real estate footprint one asset at a time," the official said.

Currently, the government wastes billions of dollars maintaining or otherwise keeping properties it doesn't need, including about 14,000 buildings and structures designated as excess and thousands of others that are underutilized, the administration official added.

Topics: President Obama • The News

soundoff (One Response)
  1. Jay in NC

    This is a very good idea, if done properly. The gov. needs to work with the local community and building owners to see that the properties are put to good use. An abandoned building or one sold in a fire sale can bring down property values. We have been assured that Barry is a fantastic community organizer, lets keep an eye on how he handles this task. I just hope that this does not turn out like the stimulus package. This administration thinks it was OK to spend $333,333 per gov. job saved I fear what they will spend to sell these buildings.

    March 2, 2011 at 12:04 pm |