How Will Spitzer's Budget Affect Real Estate?
Yesterday Gov. Spitzer introduced his $124.3 billion budget for the fiscal year that begins in April, a plan that calls for a spending increase of 5 percent as well as various cost-cutting measures meant to address the state’s estimated $4.4 billion budget deficit. So what sort of impact will the governor’s plan have on real…
Yesterday Gov. Spitzer introduced his $124.3 billion budget for the fiscal year that begins in April, a plan that calls for a spending increase of 5 percent as well as various cost-cutting measures meant to address the state’s estimated $4.4 billion budget deficit. So what sort of impact will the governor’s plan have on real estate? For starters, one of the most significant aspects of the budget involves increasing the real estate transfer tax, which is paid on property purchases above $175,000. Spitzer is also proposing a freeze on spending for the $4.7 billion School Tax Relief program, which uses state money to lower property taxes by funding school districts and giving rebate checks to homeowners. At the same time, Spitzer is looking to increase spending on affordable housing via the new $400 million Housing Opportunity Fund, which will go to the creation and preservation of low-cost and supportive housing. Some independent budget analysts say Spitzer’s plan doesn’t go far enough in terms of curbing spending. Nevertheless, the uncertain economic climate was clearly weighing on the governor. Like every other state in the nation, New York is feeling the effects of a serious economic downturn, requiring us to make tough decisions necessary to continue moving our state in the right direction, Spitzer wrote in a statement accompanying the budget.
Spitzer Plans Cuts and Fees to Close Deficit of $4.4 Billion [NY Times]
Spitzer’s Budget Triggers Backlash [NY Sun]
2008-2009 Executive Budget [NY State]
Photo from state.ny.us
why the anger at spitzer? – its the entrnched corrpution that makes our taxes so high. Spitzer got less than zero support when he tried to fix that. I don’t care if he uses dirty tricks on bruno, just get the whole rotten corrput bruno, silver and the rest of them out now.
New York State is a financial basket case. Upstate NY is practically a Third World country. The whole house of cards is dependent on the New York City economy particularly the financial markets and real estate. What a disater of a state that manages to combine the worst central planning and high tax aspects a socialist system with the callous disregard for citizen’s health and well being of nineteenth century capitalism. The worst of both worlds. Spitzer is a one-man gang who can’t shoot straight.
Worst governor ever. Don’t blame me I voted Faso.
Dear 11:51, what indirect aid would that be?
Raise my taxes to the sky – all I ask is the occasional evening F train that’s not packed to the gills.
I would never vote for a politician who supported giving tax breaks for people who send kids to private or parochial schools.
Those schools get too much indirect aid already.
Dosent make sense to the massive bureaucracy and unions that count on your tax dollars to stay in power and employed 11:25.
Its easier for Spitzer to screw all of us rather than confront them.
This is a joke, So he is basically raising taxes so he can increase spending by 5%.
How about we keep spending increases at zero before we raise taxes. That might make sense.
Not just the city 11:12 – Spitzer is the STATE Governor, remember?
So unless you are talking about moving to out of State Suburbs…