BOSTON — In the private sector, this wouldn’t be complicated.

If a company’s revenue fell two years in a row — and the second year was worse than the first — the executive in charge of growth would be gone. There would be no think pieces, no rebranding, no waiting to see how a third year plays out. The numbers would decide.

Boston, however, is not run like a company. So as the city slides into its worst commercial property collapse since the Great Depression, the official paid nearly $184,000 a year to steer the economy remains firmly in place.

According to new analysis from the Boston Policy Institute, Boston’s total commercial property value fell by $2.3 billion in FY26 — a larger drop than the $1.9 billion decline the year before. Two consecutive years of losses, with the second year worse than the first, is a pattern Boston has not seen since the Great Depression and, more recently, not even during the Great Recession.

That official is Segun Idowu, the Wu administration’s Chief of Economic Opportunity and Inclusion.

This is his portfolio.
And by the results, it’s failing.

Who’s in charge — and how much it costs

Segun Idowu earned $183,653.90 last year as a cabinet-level official charged with economic strategy, business engagement, and keeping Boston competitive as office space empties and development slows.

This is not a symbolic role. He is the public face of the city’s economic leadership — the person meant to reassure businesses, attract investment, and stabilize the tax base that funds City Hall.

At $184K a year, this job comes with expectations.

From history major to economic leadership

Idowu holds a degree in history and built his career in advocacy, nonprofit leadership, and political organizing. That background may suit outreach and community engagement work.

It does not naturally align with managing a citywide economic downturn driven by collapsing commercial real estate, stalled investment, and shrinking tax revenue.

There is no public record of experience in macroeconomic recovery, commercial property markets, or steering a large U.S. city through prolonged fiscal stress. In good times, those gaps can be overlooked. In bad times, they become impossible to ignore.

The results under his watch

The numbers tell a blunt story.

Boston Policy Institute notes that commercial property values have now fallen for two straight years — declining by roughly 2.9 percent in FY25 and another 3.9 percent in FY26 based on Division of Local Services data. During the Great Recession, Boston saw a two-year decline only once — and the second year’s drop was significantly smaller than the first.

This time, the opposite is happening.

New development has slowed sharply, and the city’s own FY26 budget admits that “new growth is expected to be lower than in recent years due to economic uncertainty.”

When the commercial tax base shrinks, the bill doesn’t disappear. It shifts — directly onto homeowners.

That shift is happening now.

The controversy City Hall moved past

Idowu’s tenure has also included controversy that raised questions about accountability inside City Hall.

Earlier this year, staffers Marwa Khudaynazar and Chulan Huang were arrested after a domestic incident. Khudaynazar later publicly alleged she had met Idowu socially and accused him of making sexual advances.

Both staffers were fired. Idowu was not.

An internal investigation later concluded he violated no city policy, based on a limited review conducted behind closed doors. The matter was declared resolved. For many residents, it never was.

In most workplaces, this is the point where leadership decides the distraction alone isn’t worth keeping someone in place. City Hall chose a different standard.

Accountability, City Hall–style

Despite the historic economic slide:

• Commercial values down $4.2 billion over two years
• New growth described as anemic by City Hall itself
• Homeowners bracing for higher tax bills

There have been no leadership changes. No reset of economic strategy. No consequences for failure.

Instead, homeowners are told to brace for higher taxes and tighter budgets, while the senior official tied most closely to economic strategy keeps his title, salary, and office.

That’s not resilience. It’s insulation.

This starts with Wu — but Segun owns the job

Mayor Michelle Wu appointed Segun Idowu, expanded his role, and continues to keep him there. That makes the mayor responsible.

But responsibility also follows titles.

Idowu holds the position.
Idowu collects the paycheck.
Idowu is charged with economic opportunity.

Boston has less of it by the year.

The unavoidable conclusion

In the private sector, executives don’t survive historic losses by pointing to intentions or mission statements. Results decide.

Boston is facing its worst commercial collapse since the Great Depression.

Segun Idowu should be fired and be replaced by someone with experience to turn Boston around.

And if City Hall can’t bring itself to do what nearly every private organization would, taxpayers are entitled to wonder what failure actually looks like to this administration.