TRS
in all seriousness, if you want to write mortgages, you might as well do such in the city that has 10's of thousands of properties selling for 500k+, eh?
and the city's diversity is what helps it to minimize downturns.
financial capital of the world
media capital of the world
theater capital of the world
diplomacy capital of the world
Imports, exports and just plan old ports. Manufacturing, tourism, services, entertainment and politics. You want it, the big Apple got it.
Why it even hosts the best men's college basketball conference tournament in the country, the Big East. Nothing like Saturday night at MSG in NYC. I miss it, haven't been there since 2004. Before then, we owned the joint. I better fucking be there in 2009.
the tax and spend liberals that didn't save up enough for a rainy day have it coming
well i guess i should say the taxpayer does :lolBIG:
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Soda tax, tuition hikes: State budget cuts sting
New York slashes services and raises taxes and fees to close $13.7 billion deficit. Other states likely to enact similar measures.
NEW YORK (CNNMoney.com) -- An 18% sales tax on non-diet soda. A 14% hike in public college tuition. The elimination of a tax rebate for homeowners.
These are but a few of the Spartan steps New York state Gov. David Paterson proposed Tuesday to close a projected record $13.7 billion deficit in the state's 2009-2010 budget. A broad swath of New Yorkers -- from school children to Medicaid recipients to transit riders -- will see cuts in their services. Meanwhile, drivers and parkgoers will pay higher fees.
"Change is never easy, but it is the only way we can put New York back on the road toward fiscal and economic recovery," Paterson said in a message to residents posted on the New York state Division of the Budget Web site. The budget "
seeks shared sacrifice :missingte from all New Yorkers and includes reductions across virtually every area of government."
New Yorkers won't be alone in feeling the sting of budget cuts and tax increases in the coming year. States across the nation are struggling to cope with declining revenues at a time when demand for state services is increasing.
Some 26 states estimate they will have budget gaps in fiscal year 2010, which starts July 1 for the majority of states, according to the National Conference of State Legislatures. The deficits amount to a combined $65 billion.
New York officials must deal with their problems earlier than most since the state's fiscal year starts on April 1. And while the Empire State is feeling the pain of Wall Street's turmoil more acutely than its peers, other states are confronting similar problems.
"New York is a harbinger of what many states will be facing in coming months," said Robert Ward, deputy director of the Rockefeller Institute of Government. There will be "unpleasant news on both the tax side and the spending side."
Governors and other state officials are looking to Washington to help close their gaps, though they aren't counting on it. They are pressuring President-elect Barack Obama to quickly pass a stimulus package, which could provide funding for infrastructure projects, Medicaid and food stamp programs, among other items.
New York's woes
New York is bracing for an estimated 6.6% drop in its general fund tax revenues for 2009-2010. It expects to lose 180,000 jobs and see the state unemployment rate climb above 7% in 2009, up from 5.7% in October.
Like its peers, New York is facing a triple tax whammy: personal income tax revenue is declining as people lose their jobs and bonuses; corporate income tax revenue is shriveling as business profits dry up, and sales tax revenue is falling as shoppers rein in their spending amid the weakening economy.
The state is also very sensitive to the fortunes of the financial services sector, which accounts for 20% of state tax revenue and isn't in the best of health at the moment.
This downturn -- which has opened a $1.7 billion shortfall in the current budget and a $13.7 billion deficit for the coming year -- is forcing state officials to take drastic measures.
The steps include:
- Reducing state aid to local school districts by 3.3%
- Shaving $11.6 million from senior services program
- Limiting the increase in Medicaid spending to 3.8%, down from 12%
- Laying off 521 state workers
- Closing prison camps, youth facilities and the Manhattan Addiction Treatment Center
- Eliminating the sales tax exemption on clothing under $110
- Imposing a sales tax on cable and satellite TV and radio
- Subjecting manicures, massages and haircuts to sales tax
"There simply isn't the money to provide the services we all would like," Ward said.