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Sch’dy taking on trouble with 600 tax foreclosures

    In regard to the city of Schenectady foreclosing on nearly 600 properties Sept. 1, I must take the position of doom and gloom!
    Yes, we all will be paying dearly for this mess no matter how it’s handled. My gut feeling is this will put us deeper in a hole. Can you imagine the city collecting rent from tenants?
    The reality is 99 percent of all the properties the city will take over are worthless. Who in their right mind would walk away from anything that is valuable? Many properties after they are fixed up will be worth less than what was spent on them.
    The blight needs to be seriously addressed. The city needs help from the state and federal level. This is a mess the city cannot handle alone. We need to prevent people from getting years behind in property and school taxes, or this problem will continue to grow.

    ROBERT BURGESS
    Rotterdam
The writer is a Schenectady landlord.

http://www.dailygazette.net/De.....r00707&AppName=1

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The blight needs to be seriously addressed. The city needs help from the state and federal level. This is a mess the city cannot handle alone. We need to prevent people from getting years behind in property and school taxes, or this problem will continue to grow.

Well the federal government is $16 trillion in debt, New York State is in debt and depends on Federal money, the federal government gets the money from the Federal Reserve and China.  So essentially, Schenectady needs China and the Federal Reserve to build Schenctady.

this would not be happening if the evil banks didn't charge people interest!

Quoted from GrahamBonnet

this would not be happening if the evil banks didn't charge people interest!

I don't think the Federal Reserve is charging much interest on money.  Money is pretty cheap.  

Saw a few listings on craigslist where the people losing their home are listing everything for sale before the bank gets it back.   Everything from appliances, furnace, even the moldings.  Some of the homes the city gets back will be stripped like a carcass.  

Every time the Fed prints more money the money is worth less and less each printing.

taxes are more than the mortgage payments on some of these properties! They think that if they only raise taxes some more all will be well. Just watch the dummies.

Quoted from Shadow

Every time the Fed prints more money the money is worth less and less each printing.

They've been doing it since we partially went off the Gold Standard in 1968, and fully by 1973.   Nixon did it to have unlimited funds to support the Vietnam war effort.

If you've been to the grocery store lately you know that the money doesn't buy what it used to.The more money the Fed prints the less we'll be able to buy.

It should be obvious to all, even City leaders, that some form of intervention is going to be needed to help the city from itself.   The finacial drag that these foreclosures will cause and it's related tidalwave of residual negatives will only continue to cancel out/impede any positive $$$$$/results input by the PLEX et al.   One step forward, one/two backward?   Maybe the PLEX will modify it's charter for the greater good and throw a lifeline to the city to help protect it's(PLEX) investments.   Tearing down the unsalvagble ones will be a positive.  But what to put in it's place?   Green space does not a tax base make, which is what many of these demolitions will result in, green space.   Either way we are losing the tax base on properties.   And the onus will fall on the existing taxpayers with their prop. taxes.   Do the math.   If say $10 million must be made up in taxable income and you have 500 properties in the tax pool to draw from it is spread out.   However eliminate say 100 from the pool and you have fewer paying more.   Can't argue with the numbers.   Always has/will come down to the numbers.   They don't lie.   Here's a novel approach (would never happen, but it's good for a lark) give the vacant land to a city employee who does not live here, who promises to build a house and live here.   Even if you cut them a break for 1-2 years in taxes, in the long run if you have enough participating in that program more would be returned to the tax rolls.   And this positve not to mention a rebuilding of a neighborhood AND all the increased sales tax revenue from the purchasing of the rebiluding of the home supplies.   And more city residents spending their $$$$ here.    But we can dream can't we?

Quoted from Mr. Majestyk

It should be obvious to all, even City leaders, that some form of intervention is going to be needed to help the city from itself.   The finacial drag that these foreclosures will cause and it's related tidalwave of residual negatives will only continue to cancel out/impede any positive $$$$$/results input by the PLEX et al.   One step forward, one/two backward?   Maybe the PLEX will modify it's charter for the greater good and throw a lifeline to the city to help protect it's(PLEX) investments.   Tearing down the unsalvagble ones will be a positive.  But what to put in it's place?   Green space does not a tax base make, which is what many of these demolitions will result in, green space.   Either way we are losing the tax base on properties.   And the onus will fall on the existing taxpayers with their prop. taxes.   Do the math.   If say $10 million must be made up in taxable income and you have 500 properties in the tax pool to draw from it is spread out.   However eliminate say 100 from the pool and you have fewer paying more.   Can't argue with the numbers.   Always has/will come down to the numbers.   They don't lie.   Here's a novel approach (would never happen, but it's good for a lark) give the vacant land to a city employee who does not live here, who promises to build a house and live here.   Even if you cut them a break for 1-2 years in taxes, in the long run if you have enough participating in that program more would be returned to the tax rolls.   And this positve not to mention a rebuilding of a neighborhood AND all the increased sales tax revenue from the purchasing of the rebiluding of the home supplies.   And more city residents spending their $$$$ here.    But we can dream can't we?

That is EXACTLY why the taxes in the city of Schenectady are almost the highest in the whole dang country!!

The dems, going back to the Mayor of BS along with the savage and with plex, in their quest to fix up downtown decided to reduce the number of properties that would be paying taxes.   And of course this was bribes to millionaires -- first handouts from the taxpayers to build and then the, often permanent, 100% exemptions from paying property and school taxes.   The city STILL NEEDS to collect that money, and so the stupid a** dems decided that they can rape the financially struggling homeowners.  The downtown properties are assessed the highest and therefore collectively every year that causes a DRASTIC REDUCTION in the city's tax base along with

And in doing so, the dems have caused a DRASTIC REDUCTION in city residential home values

Quoted from Mr. Majestyk

It should be obvious to all, even City leaders, that some form of intervention is going to be needed to help the city from itself.   The finacial drag that these foreclosures will cause and it's related tidalwave of residual negatives will only continue to cancel out/impede any positive $$$$$/results input by the PLEX et al.   One step forward, one/two backward?   Maybe the PLEX will modify it's charter for the greater good and throw a lifeline to the city to help protect it's(PLEX) investments.   Tearing down the unsalvagble ones will be a positive.  But what to put in it's place?   Green space does not a tax base make, which is what many of these demolitions will result in, green space.   Either way we are losing the tax base on properties.   And the onus will fall on the existing taxpayers with their prop. taxes.   Do the math.   If say $10 million must be made up in taxable income and you have 500 properties in the tax pool to draw from it is spread out.   However eliminate say 100 from the pool and you have fewer paying more.   Can't argue with the numbers.   Always has/will come down to the numbers.   They don't lie.   Here's a novel approach (would never happen, but it's good for a lark) give the vacant land to a city employee who does not live here, who promises to build a house and live here.   Even if you cut them a break for 1-2 years in taxes, in the long run if you have enough participating in that program more would be returned to the tax rolls.   And this positve not to mention a rebuilding of a neighborhood AND all the increased sales tax revenue from the purchasing of the rebiluding of the home supplies.   And more city residents spending their $$$$ here.    But we can dream can't we?

That is EXACTLY why the taxes in the city of Schenectady are almost the highest in the whole dang country!!

The dems, going back to the Mayor of BS along with the savage and with plex, in their quest to fix up downtown decided to reduce the number of properties that would be paying taxes.   And of course this was bribes to millionaires -- first handouts from the taxpayers to build and then the, often permanent, 100% exemptions from paying property and school taxes.   The city STILL NEEDS to collect that money, and so the stupid a** dems decided that they can rape the financially struggling homeowners.  The downtown properties are assessed the highest collectively and therefore every year that causes a DRASTIC REDUCTION in the city's tax base along with a huge need for increasing taxes

And in doing so, the dems have caused a DRASTIC REDUCTION in city residential home values and a DRASTIC REDUCTION in the city being a desirable place to move into and buy a house.   Add to that having the highest crime, lack of any concern for the neighborhoods by the dem leaders and then the dems decide "let's tax the people more and spend it on more worthless projects".

So now there will be even 600 hundred more vacant properties added to the thousands of existing vacant residential units, but the stupidest minds on earth----the city & co dems and plex decide "more residential units will be built"    Hell, where are ANY of the new luxury downtown apartments?  The taxpayers have a birthright entitlement to know how many and what is the vacancy rate.  

Quoted from Mr. Majestyk

It should be obvious to all, even City leaders, that some form of intervention is going to be needed to help the city from itself.   The finacial drag that these foreclosures will cause and it's related tidalwave of residual negatives will only continue to cancel out/impede any positive $$$$$/results input by the PLEX et al.   One step forward, one/two backward?   Maybe the PLEX will modify it's charter for the greater good and throw a lifeline to the city to help protect it's(PLEX) investments.   Tearing down the unsalvagble ones will be a positive.  But what to put in it's place?   Green space does not a tax base make, which is what many of these demolitions will result in, green space.   Either way we are losing the tax base on properties.   And the onus will fall on the existing taxpayers with their prop. taxes.   Do the math.   If say $10 million must be made up in taxable income and you have 500 properties in the tax pool to draw from it is spread out.   However eliminate say 100 from the pool and you have fewer paying more.   Can't argue with the numbers.   Always has/will come down to the numbers.   They don't lie.   Here's a novel approach (would never happen, but it's good for a lark) give the vacant land to a city employee who does not live here, who promises to build a house and live here.   Even if you cut them a break for 1-2 years in taxes, in the long run if you have enough participating in that program more would be returned to the tax rolls.   And this positve not to mention a rebuilding of a neighborhood AND all the increased sales tax revenue from the purchasing of the rebiluding of the home supplies.   And more city residents spending their $$$$ here.    But we can dream can't we?

Yes - we can dream -- more importantly, we can think of new approaches to old problems.  Keep on believing and thinking of these great ideas.

Quoted from DemocraticVoiceOfReason

Yes - we can dream -- more importantly, we can think of new approaches to old problems.  Keep on believing and thinking of these great ideas.

Get a life DV, you know NOTHING about property taxes, you are NOT a property taxpayer, and you have NO KNOWLEDGE whatsoever about the tax burden on city homeowners.

The FIRST approach to this problem which was a NEW problem CAUSED BY THE DEMS since Stratton took over - is to IMMEDIATELY ELIMINATE ANY AND ALL tax exemptions on downtown properties and NEVER NEVER NEVER issue anymore.    Those property owners are wealthy enough to afford their own properties.   YOU, DV, cannot cite ONE valid reason why financially struggling homeowners should be forced to pay the property and school taxes of the downtown owners in addition to having go pay their own taxes.  

they dream alright