These 5 Cities Are Failing Financially
Is Your Town Next to Go Bankrupt?
The post-pandemic commercial real estate climate continues to plague the urban core of large U.S. cities across the nation. With property values in the troughs, tax revenue has fallen off a cliff. Boston is facing a $1B deficit. San Francisco, Seattle, Denver and Washington D.C. are grappling with the same issue.
To make matters worse, a handful of additional financial obstacles have made it increasingly difficult for these markets to rebound.
The most pressing issues that have been cited include: Ongoing capital expenditures towards local infrastructure and maintenance, Non-revenue generating programs that are being funded by state government, and the Loss of sales tax revenue in combination with a decline in tourism and lodging.
Despite the laundry list of fiscal woes various U.S. metros are being faced with, the broader national macroeconomy has remained relatively strong. We’re nowhere near ‘08-Recession territory. With the proper policy changes and budgetary reconfigurations, the light at the end of the tunnel will begin to shine brighter.
If you’re considering a home purchase, sale or investment this year, and you’d like professional guidance and assistance throughout the process, our team is here to help.
In Other News
✺ The City of San Francisco is Struggling to Repay Its Debts: S&P Global Ratings has downgraded the city's outlook from stable to negative. — Full Story
✺ No More Redfin or Realtor.com: These two websites are becoming the go-to for home buyers and those looking for an apartment. — Full Story
✺ Can You Guess What Country Has More Billionaires Than the U.S.? — China tops the charts with 814, compared to the United States’ 800. — Full Story
✺ Home Prices Fell and Active Listings Rose: The pendulum swings in the favor of buyers as the Summer real estate season approaches. — Full Story
✺ The Economy Is Slowing Down. Why Is This A Good Thing?: As inflation continues to moderate, interest rates are anticipated to fall. — Full Story