Excerpt from Oversight of Federal Property Management: Hearing Before the Subcommittee on Oversight of Government Management of the Committee on Governmental Affairs, United States Senate, One Hundred Third Congress, First Session, July 27, 1993
We are here today, at the initiative of our ranking Republican member, Senator Cohen, to try to identify and then find ways to curb wasteful practices in how the Federal Government manages its buildings and its real estate. The Government is a huge pres ence in the real estate market - as a builder, an owner, a landlord, a renter, and a manager. The Government owns over buildings, spends tens of billions of dollars each year building new ones, and paid about $2 billion last year in rent. The gao esti mates that the Government could save billions of dollars over the next 30 years by owning office space instead of leasing.
Although we should be making decisions about these assets in a cost-effective, businesslike manner, the work of the gao and oth ers who are expert in the real estate field tells us that we are not.
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