OWNING VS. RENTING

ISSUE:
For years, a staggering $6 million per year has been spent on renting our SAG-AFTRA offices in Los Angeles. Many more millions of dollars are squandered annually on office rents around the country. In fact, money has even been wasted renovating offices we do not own. Now, inexplicably, in February of 2021, the current National Board locked us into a new long term multi-million-dollar lease until 2032.

WHY IS THIS AN ISSUE?
Over decades, the union has wasted a staggering 100 Million dollars in rent in Los Angeles alone. We could have purchased our own building with all the equity appreciation, and security that comes with it. The DGA, WGA, Actors Equity, IATSE, Musicians Local 47, Teamsters 399--even our SAG-AFTRA Pension and Health Plan--own their offices. Today, the problem is further highlighted as the pandemic has left much of our office space unused. Other organizations’ investments in their buildings saved money and protected their future. Recently, the present administration shockingly chose to extend the multi-million dollar annual lease for the Los Angeles Offices for another eleven years.

WHAT IS OUR SOLUTION?
Own our offices. We won’t hide from the responsibility of ownership. Instead, we will take the natural step of acquiring real estate assets, consistent with good judgment and sound financial planning.