[S2000]

Connecticut wants young people to make a down payment on its future.

An incentive program included in the recently passed jobs bill will allow graduates of Connecticut colleges and universities a chance to deposit money into a first-time homebuyers account.

The program, “Learn Here, Live Here” would allow a graduate to deposit up to $2,500 annually for up to 10 years. Participants must remain a Connecticut resident for five years.

“I don’t think it’s a big answer but it will bring the confidence level up,” said state Rep. James M. Albis, a Democrat representing East Haven in the 99th House District. “It gets us moving in the right direction.”

Albis said he campaigned on this issue. Throughout his campaign he heard young people complain about the cost of living, he said. After graduating New York University in 2006, Albis moved back to the Nutmeg State.

All graduates of public colleges or universities in Connecticut who qualified as in-state students and paid the in-state tuition rate and regional vocational-technical schools are eligible for the program. They must have graduated on or after January 1, 2014.

Catherine Smith, commissioner of the Department of Economic and Community Development, said the program is part of a broader plan to make Connecticut an attractive place to live and work.

“My observation is this is part of a renewed interest and energy in getting young people to stay in the state,” Smith said. “It will also get the homebuilding and housing industry a little healthier too.”

According to several legislators, Connecticut loses more people between the ages of 18 and 34 than almost any other state.

Under the program, participants would apply to the DECD commission for a payment on their behalf for a down payment on the house. It must be their first home bought. Should the down payment be less than the monies set aside, the excess would go into the state’s general fund.

If someone leaves Connecticut within five years of graduation they must repay a percentage on the funds. If they move after the first year after graduation, they must repay all of it.

The annual total for all program participants is $1 million.

Fred Carstensen, director of UConn’s Center for Economic Analysis, called it a modest gesture at best.

“The real problem is there have to be jobs here that Connecticut graduates want to take,” he said. “There is also this mythology that housing costs are a big problem in Connecticut. When you lose jobs from Groton to Cambridge, Mass., it’s not because of housing.”

Carstensen said the incentive wouldn’t really help attract and keep jobs in the long run.

“None of these things says to the business community you can trust us. Connecticut has a long history of offering incentives and then withdrawing them or curtailing them,” Carstensen said.

DECD’s Smith agreed that no single initiative would change the current dynamic. Rather, she said, it’s important to look at this program as a way to help convince young people to remain in Connecticut.

State Rep. Lonnie Reed, a Democrat representing Branford in the 102nd House District, said “Learn Here, Live Here” makes Connecticut competitive with other regions nation wide.

Students want to build a life and a lifestyle and they look at places like Research Triangle Park and see jobs, research, she said.

“The whole package there is much more attractive,” Reed said. “We’ve been having a brain drain for some time now. The average age in the state is 40; that’s terrifying!”

State Sen. Toni Boucher, a Republican who represents Bethel, New Canaan, Redding, Ridgefield, Weston, Westport, and Wilton in the 26th Senate District, is excited about the program.

“I love that!” Boucher said. “Years ago we put that out there but the leadership didn’t want it. More than ever we need to keep our 18 to 34 year olds here. They make use of our educational system and if they had an incentive to stay. I’m so supportive of it.”

[S2000]

Do the legislators in this state ever step back for a few just to level set the stuff that comes out of their brains? When you tax and regulate businesses to death they setup shop somewhere else. Why would a recent college grad stay here when no one is hiring. Ridiculous.

I guess in 15-20 years when my generation finally makes our way up there we can finally undo some of this garbage we have to deal with on a daily basis.

[mlassoff]

Originally Posted by S2000

When you tax and regulate businesses to death they setup shop somewhere else. Why would a recent college grad stay here when no one is hiring. Ridiculous.

Uh huh. Except this isn't why businesses aren't coming to Connecticut-- at least the innovative new economy tech business that have built cities like Austin...

According to an in-depth report by the Connecticut Technology Council (A pro-industry organization) the major reasons why are:

a) a lack of helpful networks to connect people in the tech world across the state and region
b) difficulty finding talented young workers outside Stamford and New Have
c) a need for more early stage investment programs from state sources
d) more support for research links to the state’s universities.

Taxes, paid sick days for fast food workers, and (perhaps most surprisingly if you read CD) anti-discrimination laws for transexuals didn't make the list.

Full Report Abstract: Study Reports Connecticut Risks Losing its Fastest Job Growth Techn...

I am so tired of people blaming only taxes and regulation for Connecticut's failure to attract business... Especially when there are other things that can be done to attract business that actually matter more.

[JViello]

Originally Posted by mlassoff

According to an in-depth report by the Connecticut Technology Council (A pro-industry organization) the major reasons why are:

Oh you mean the pro-government technology council led by Mathew Nemerson who is a dyed in the wool liberal? The same guy who never owned a business, never was in any kind of private sector management that didn't rely on some kind of government partnership to succeed?

YouTube - ‪Matthew Nemerson Speaks at Majority Leaders' Job Growth Roundtable‬‏

His major campaign contributions? Rosa DeLauro, Chris Dodd. Any Republican donations? Ah, nope.

Of course a few of those donations were done via NETLEX, INC, a basically fictitious company who has Nemerson as the CEO.



You're not in TX anymore, the conservatives like myself up here are much smarter and onto your game. You are going to have to step it up if you expect to make any kind of impact with your ideology.

[SVTJayC]

Originally Posted by mlassoff

Uh huh. Except this isn't why businesses aren't coming to Connecticut-- at least the innovative new economy tech business that have built cities like Austin...

According to an in-depth report by the Connecticut Technology Council (A pro-industry organization) the major reasons why are:

a) a lack of helpful networks to connect people in the tech world across the state and region
b) difficulty finding talented young workers outside Stamford and New Have
c) a need for more early stage investment programs from state sources
d) more support for research links to the state’s universities.

Taxes, paid sick days for fast food workers, and (perhaps most surprisingly if you read CD) anti-discrimination laws for transexuals didn't make the list.

Full Report Abstract: Study Reports Connecticut Risks Losing its Fastest Job Growth Techn...

I am so tired of people blaming only taxes and regulation for Connecticut's failure to attract business... Especially when there are other things that can be done to attract business that actually matter more.

You're not seriously comparing CT with Austin TX are you? Have you ever actually been to Austin? Lived there? I have. Not only is it inexpensive (though salaries are still high), but it's basically a Disney Resort 9 months out of the year. The fact that you can actually afford housing and utilities there on a new grad salary, coupled with the weather, the young hip crowd, and the drive for progress (all of which most CT cities are utterly devoid of), is why businesses open up shop there.

Face it, CT is too expensive, too stuck in the dark ages, and too full of people unwilling to change. Stamford will just become the next Hartford. An empty shell of a city. If you want to work for a hedge fund, or you work in NYC and need a place to sleep, CT is a great place to live/work. Other than that, there is absolutely no reason to be here. There are so many much better places to live in this country.

[Stylo]

Originally Posted by SVTJayC

You're not seriously comparing CT with Austin TX are you? Have you ever actually been to Austin? Lived there? I have. Not only is it inexpensive (though salaries are still high), but it's basically a Disney Resort 9 months out of the year. The fact that you can actually afford housing and utilities there on a new grad salary, coupled with the weather, the young hip crowd, and the drive for progress (all of which most CT cities are utterly devoid of), is why businesses open up shop there.

Face it, CT is too expensive, too stuck in the dark ages, and too full of people unwilling to change. Stamford will just become the next Hartford. An empty shell of a city. If you want to work for a hedge fund, or you work in NYC and need a place to sleep, CT is a great place to live/work. Other than that, there is absolutely no reason to be here. There are so many much better places to live in this country.

I could've gotten double the house that I got in Milford in Austin. Forget about lower FFC.

[dazzleman]

Originally Posted by SVTJayC

You're not seriously comparing CT with Austin TX are you? Have you ever actually been to Austin? Lived there? I have. Not only is it inexpensive (though salaries are still high), but it's basically a Disney Resort 9 months out of the year. The fact that you can actually afford housing and utilities there on a new grad salary, coupled with the weather, the young hip crowd, and the drive for progress (all of which most CT cities are utterly devoid of), is why businesses open up shop there.

Face it, CT is too expensive, too stuck in the dark ages, and too full of people unwilling to change. Stamford will just become the next Hartford. An empty shell of a city. If you want to work for a hedge fund, or you work in NYC and need a place to sleep, CT is a great place to live/work. Other than that, there is absolutely no reason to be here. There are so many much better places to live in this country.

I'm afraid you're right. We're in the stage of milking and living off our past glory, all the while telling ourselves that we're so superior to other places that we're not subject to the same rules that they are.

[Currency Pair Crocodile]

Is this for real? How different is it from putting money in a bank with some self control?

[JViello]

Originally Posted by Antlered Chamataka

Is this for real? How different is it from putting money in a bank with some self control?

Oh don't be so gullible. I'm sure there will be some kind of matching state grant etc cause you know, we are just rolling in cash to give away.

[SVTJayC]

Even better, is the fact that the children of illegals get THIS benefit too now. They are just the gift that keeps on giving.