Thousands of NYC residents may lose rent subsidies

August 9, 2010 by · Leave a Comment
Filed under: Real Estate News 

This is going to make living in one the nations most expensive cities even harder.  According to the NY Times, the housing department is facing a large $45 million short-fall in their budget.  This is more evidence of the hardships that have come on us since the housing crash.  It sent the economy into a tailspin and that has reduced tax receipts to the point where many of these entitlement benefits needs to be trimmed back to bring back balance to the city and state spending.

It is hard and certain hardship circumstances need to be addressed but over all, spending will need to be reduced across the board because they are based on tax dollars that were in a bubble environment.  The other option is higher taxes that will fall mostly on the wealthier class and that might need to be done, being that they got much benefit on the bubble and crash.  Either way, a policy needs to be made so we know what we are dealing with.  More to come.

NY Times – Linda Couch, the vice president for policy at the National Low Income Housing Coalition, said that given the recession, the drop in attrition rates should not have come as a surprise. In recent years, she added, the act of continuing to issue vouchers to the point at which authorities exceeded their federal cap for Section 8 units has become “a big no-no at HUD.”

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Bank of America’s Next CEO May Be Based in New York City

November 3, 2009 by · Leave a Comment
Filed under: Industry News 

This is good news that they are looking to have their banking operations headed from NYC where many still see it as the financial center of the world.  Charlotte is suitable for handling overall operations but with trading and other financial product units becoming a larger portion of major banks revenue streams, it is very logical to have them handle these operations from a major point of contact with other players.

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New York Bank REO & Foreclosure Real Estate

July 24, 2008 by · Leave a Comment
Filed under: Local REO Brokers 

This will be a quick review being that as this time their was only a single listing for a property in Niagara County in New York State. The brokers name is “Ray” and he has a phone number and email to contact him about listings and if you want to list with him as well. Being that New York was not speculated like other parts of the country, I am not surprised at the lack of REO listings.


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