Who will determine who is an "experienced" contractor.
Also why would the lowest bidder win. What if they wanted to put granite in. Nope only is you buy the cheap stuff....
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
Can the city actually even do this. Isnt the house required to go to auction.....
So lets get this straight, the city takes a decent property from an owner who owes $18000 in back taxes and then they will F'ing GIVE the property to some connected contractor for $0 the contractor who said they would SPEND the LEAST?!?!?!?!? They will then WAIT for the contractor to rehab the unit. What will the taxes be during the WAIT?
Remmeber some of the $18000 is school taxes, who will be made whole.
Wow, this is eirily similar to the way the banks held the housing industry collapse. They sold the good loans to the connected for 25 cents on the dollar when the had a 100% value, they then took the crumbs that were left and auctioned them to the not so connected for 50 cents on the dollar when they were totally non performing.
Cant make this stuff up.
This may just end up in a college text book someday!
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
How to make a million dollars flipping houses in the City of Schenectady. Start with ten million dollars. Even the slumlords have had enough of the DEM morons and their confiscatory taxes. But McMayors got a new plan! Hold your wallets and head for the hills!
It's SO VERY BAD in Schenectady that DV is not buying house.
In fact, it's so bad that neither DV nor any of his imaginary friends post comments on most of the threads having to do with the city.
DV (and his other names) can't contradict the truth, so he has decided not to comment on it
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Properties owned by the city, with no tax revenue coming in... Once we "give it" to the contractor, they start paying taxes on that property (I hope)... Best case they fix it up, sell it - and the home is generating tax revenue.
Worst case, contractor goes under, doesn't finish, doesn't pay taxes. Which is the situation today.
Yeah the city is falling apart due to mismanagement by current and previous leadership. Yes civilization is declining with the lack of good parenting driving our value system into the gutter.
And while I'm still skeptical this will work - I don't see any downside at all right now.
Joe
Unfortunately Joe, there IS a downside to this.
1) WHY would you give title to the LOWEST bid? Hell, it's not the one who will do the crappiest work...for pete's sake, even HUD homes take the HIGHEST BID?
2) If you're a registered Republican/Independent/any non-DEM contractor, don't even apply. McCarthy will lose your bid.
3) After the rehab, a property can STILL BE BOUGHT BY SLUMLORDS TO TURN BACK INTO CRAP AGAIN!!!! Who is going to buy these houses....absentee landlords because middle class families won't move into the City.
Audit DSS. Get the losers abusing the system out of the City. Empower those residents on the Hill & MP with money and resources for a successful neighborhood watch.
Haven't we learned ANYTHING from the $100 million Downtown failure? Pretty buildings won't save this City: upstanding, decent residents will.
This will be no different than the METROPLEX/GILLEN scam! The dems will sell these homes to the 'connected few' so they can line their pockets with the 'flip money' from the down state slum lords, who will let it go to crap and in a few years.............back to square one!
Cause no one in their right mind is going to move to the city 'on purpose' unless they can make a quick buck, such as drug dealers or multi-million dollar businesses that don't pay their fair share of taxes!!
McMayor has run out of options and needs to resign!! He is digging even a deeper hole and doing it with the overburdened taxpayer's money!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Properties owned by the city, with no tax revenue coming in... Once we "give it" to the contractor, they start paying taxes on that property (I hope)... Best case they fix it up, sell it - and the home is generating tax revenue.
Joe
Are you drunk?
No down side.
Sell the properties at auction and let everyone have a chance at wasting their money, I mean investing in a flipper.
Can the city actually even do this. Isnt the house required to go to auction.....
So lets get this straight, the city takes a decent property from an owner who owes $18000 in back taxes and then they will F'ing GIVE the property to some connected contractor for $0 the contractor who said they would SPEND the LEAST?!?!?!?!? They will then WAIT for the contractor to rehab the unit. What will the taxes be during the WAIT?
Remmeber some of the $18000 is school taxes, who will be made whole.
Wow, this is eirily similar to the way the banks held the housing industry collapse. They sold the good loans to the connected for 25 cents on the dollar when the had a 100% value, they then took the crumbs that were left and auctioned them to the not so connected for 50 cents on the dollar when they were totally non performing.
Cant make this stuff up.
This may just end up in a college text book someday!
This is another ripoff of the taxpayers.
No one gave them permission to give away assets to their contractor friends.
How about giving them back to the owners and letting them refurbish it with the tax money they owed.
That would still get it back on the tax rolls.
The city has shown it can not handle foreclosed properties.
They should forgive the tax debt and let the owners remodel the properties.
You really think these houses that are falling apart will sell at auction? I'm skeptical there is any interest at all in some of them. Ok maybe if you do start the bidding at $1 some developers will attend and buy the houses dirt cheap.
To be honest I would think that one year's taxes on a fixed up house might be more than the actual best auction prices on those houses. So if you get more fixed up by giving them away, this might be the smarter thing to do.
Maybe I'm wrong. But the one certain thing is that it will generate more tax revenue than doing absolutely nothing, which is what's been going on with these houses for some time.
You really think these houses that are falling apart will sell at auction? I'm skeptical there is any interest at all in some of them. Ok maybe if you do start the bidding at $1 some developers will attend and buy the houses dirt cheap.
To be honest I would think that one year's taxes on a fixed up house might be more than the actual best auction prices on those houses. So if you get more fixed up by giving them away, this might be the smarter thing to do.
Maybe I'm wrong. But the one certain thing is that it will generate more tax revenue than doing absolutely nothing, which is what's been going on with these houses for some time.
Agreed. Some of those houses need: A new roof New sheathing New siding New interior walls doors kitchens bathrooms FLOOR BEAMS stairways new plumbing new electricity insulation windows, etc.
So what's left? By the time you're finished, you've basically built, and payed for a whole new house, except for the foundation, and the land, which are both worth squat, because the foundation dictates that you must build the same outdated innefficient house, and the land is in a GHETTO.
Who wants to waste that much time and money to build in a place that has an economic outlook that rivals The Black Hole Of Calcutta?
Even a brand new house in that neighborhood will not realize a return on the investment in any of our useful lifetimes.
Logged
How to make a million dollars flipping houses in the City of Schenectady. Start with ten million dollars. Even the slumlords have had enough of the DEM morons and their confiscatory taxes. But McMayors got a new plan! Hold your wallets and head for the hills! 
