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Wantagh school district is in moderate Financial stress
Nassau County itself, Long Beach, and the town of Oyster Bay are in serious financial condition.
I've read tons of S&P reports for municipalities. My perception is that the rating agencies are way behind the curve in assessing Municipal Bond risk. Were interest rates not so low and we're credit ratings not so high places like Long Beach and Nassau County would have to return about twice or even three times the current yield that they do. At 7% or even 4.5% these municipalities would blow up. In my lifetime interest rates were much higher than they are now by more than 10%. So the insolvency is being masked by credit bureaus and low interest rates.
In my neck of the woods folks are wary of CDD fees. There are two components of CDD fees one is the capital cost of infrastructure for building new areas and the other component is recurring maintenance. In Nassau County New construction or higher density of occupancy has no offset other than General Revenue. So should Nassau County become more dense like Queens there is additional stress on the cost of Capital Improvements and maintenance that can only be reflected by higher tax rates.
when you buy a house you're also buying the accumulated debt and solvency or the lack thereof of the municipality
People just don't think too deeply about the stuff until it blows up. You can literally buy mansion in a place like Cleveland for pennies but the tax rate applied onset house will be astronomical as a percentage of value. That is my prognosis for Long Island. The state and County controller has much told you this much.
In my neck of the woods S&P has negative comments about my part of Florida's ability to find commercial Revenue. The primary source of public Revenue generation in my part of Florida is residential, not commercial, and not Industrial. That same footnote is missing from the Long Island reports that I've read. Additionally the rating of my part of Florida and Long Island is comprable we just make any kind of sense at all. So basically Long Island municipalities have access and the ability to roll credit when really a diligent investor not touch it with a ten-foot pole.
So who is buying Nassau County? My guess is retirement funds are chock-full of these things. So the teachers that are getting pensions are totally invested in junk Nassau County paper it does not return enough yields to cover the risk.
I mention this because a house price is the function a its recurring payment. The cost to carry a house on Long Island has to go up to the value of the house has to go down
Wantagh school district is in moderate Financial stress
Nassau County itself, Long Beach, and the town of Oyster Bay are in serious financial condition.
I've read tons of S&P reports for municipalities. My perception is that the rating agencies are way behind the curve in assessing Municipal Bond risk. Were interest rates not so low and we're credit ratings not so high places like Long Beach and Nassau County would have to return about twice or even three times the current yield that they do. At 7% or even 4.5% these municipalities would blow up. In my lifetime interest rates were much higher than they are now by more than 10%. So the insolvency is being masked by credit bureaus and low interest rates.
In my neck of the woods folks are wary of CDD fees. There are two components of CDD fees one is the capital cost of infrastructure for building new areas and the other component is recurring maintenance. In Nassau County New construction or higher density of occupancy has no offset other than General Revenue. So should Nassau County become more dense like Queens there is additional stress on the cost of Capital Improvements and maintenance that can only be reflected by higher tax rates.
when you buy a house you're also buying the accumulated debt and solvency or the lack thereof of the municipality
People just don't think too deeply about the stuff until it blows up. You can literally buy mansion in a place like Cleveland for pennies but the tax rate applied onset house will be astronomical as a percentage of value. That is my prognosis for Long Island. The state and County controller has much told you this much.
In my neck of the woods S&P has negative comments about my part of Florida's ability to find commercial Revenue. The primary source of public Revenue generation in my part of Florida is residential, not commercial, and not Industrial. That same footnote is missing from the Long Island reports that I've read. Additionally the rating of my part of Florida and Long Island is comprable we just make any kind of sense at all. So basically Long Island municipalities have access and the ability to roll credit when really a diligent investor not touch it with a ten-foot pole.
So who is buying Nassau County? My guess is retirement funds are chock-full of these things. So the teachers that are getting pensions are totally invested in junk Nassau County paper it does not return enough yields to cover the risk.
I mention this because a house price is the function a its recurring payment. The cost to carry a house on Long Island has to go up to the value of the house has to go down
How do you read that chart. Some places have 0's in Fiscal Scores and random Environmental Score.
Fiscal Stress Monitoring System talks about it but doesn't mention what scores correlate to. Does this mean 0 is in good financial health? It's hard to believe Cold Spring Harbor is in worse shape compared to Hauppauge?
Here is Wantagh, Oyster Bay, Deer Park compared top school districts:
LOL.... its high time parents realize they are paying college like tuition starting Kindergarten. Frankly, I don't think there is a big difference in the teaching capabilities of the teachers in the various school districts, mostly it's the students who make the difference.
Most successful students take classes "outside" the school too, disposable income baby !!
Wonder how they’re liking those bagels out in OH lmao
I would pick another city for this example. Cleveland has become very nice within the past few years. The pizza is lousy, but they do have people who know how to boil a decent bagel and the beaches aren't half bad either, .
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