Federal agencies to close offices this summer, saving $500 million

Federal agencies are set to close hundreds of offices this summer due to lease cancellations initiated by Elon Musk's budget-cutting team. The Department of Government Efficiency aims to save $500 million, but the rapid pace has raised concerns among lawmakers and agencies. Internal documents reveal that many agencies, including the IRS and Social Security Administration, face multiple lease terminations. Some cancellations have already been rescinded due to errors, but many offices crucial for public services remain at risk. The real estate industry is reacting to the unexpected cancellations, with landlords caught off guard. Agencies are struggling to manage the tight timelines for moving, which may lead to additional costs and complications, undermining the intended savings.