New York Real Estate values continue to erode while many area’s launch a nice comeback according to an article published in USA Today.
http://www.usatoday.com/story/money/business/2012/11/27/case-shiller-home-price-index/1729027/
In my opinion there is only one culprit to blame in the continued nose dive of values in our area.
Excessive Property and School Taxes as we continue to service Pensions and Benefits that far exceed any other area within our Nation.
For many years the ability to earn a high income within close proximity to our area offset the cost of servicing benefits and pensions but the scales have reached a tipping point that can not be ignored. They are being ignored by our Politicians however.
Although Governor Cuomo tried to overcome the burden launched upon the tax payer with his tax cap, it was in fact an attempt that simply will not fix bloated Government in our Area. The City of New Rochelle is a prime example of a process so out of control that you can expect Realty values to continue to plummet downward no matter how our economy may improve in the near future. We have a City that is addicted to pilling up debt while services continue to diminish. Lump in some future bonding for relocation of the DPW and debt that simple can not be sustained already on the books. The avalanche is only off in the distance. The pretending on the part of our City Council and Mayor will cause so much pain that realty in New Rochelle could lose an addition 20% value based upon their inability to stop the continually rising taxes. The School system is at capacity yet the City ignores future bonding for buildings and grounds which too is off in the distance. Certainly with new building comes new employees with a host of new benefits that will be lumped again upon the homeowners.
We have a unsustainable process that has already eroded quality of life, property values and what is off in the distance is a freight train of problems. I have no answers how to stop this but I do believe we are in for some very bad years if our government ignores these very obvious conditions.
