As UPMC has expanded its real estate empire, it has taken large amounts of taxable property off the tax rolls. That means even tighter budgets for the city, the county and our schools.
So while we’re taking teachers out of classrooms and cutting transit service to the bone, can we really afford to subsidize UPMC’s seven-figure executive paychecks and land buying binges?
A recent four part expose in the Pittsburgh Post-Gazette took a close look at UPMC’s real estate dealings and some of its questionable uses of our health care dollars.
UPMC has spent the last thirty years buying up major area hospitals and used its vast wealth and purchasing power to corner huge swaths of land at exorbitant prices. It is estimated that UPMC holds a staggering $2.5 billion in property with 80 percent tax-exempt. Continue reading