Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
QC you are right...this is a terrible situation. The sad part is we are no where near the bottom of the pain scale. Small Business is collapsing in Rhode Island. Don't kid yourself, Small Business is key in this state. (It's a dream for many folks in this State) It's supposed to be the epitome of Independence for the working man or woman.
Our Shopping centers that house these small business are emptying out. Don't just glance at the signs as you drive by...look in the spaces and you will see the hard truth. The owners of these properties can only pay these exorbitant taxes for so long when stores are empty, soon tax payments will stop and commercial foreclosures will be the "new" subject.
The reason why apartment rents are rising? simple... the RI families that lost there homes, need a place to live. We don't have enough units for these new renters... regulations that are out of line and too expensive to accomplish, along with taxes that are different, "meaning higher" on commercial property, punish the investor. Why should he or she invest? We are last in business friendliness in the country, correct? This is the reason why people can't move in or out.
If we are not careful the state will begin thinking about getting into the housing business, like "gulp" the old Soviet Union.
Next step is the pension crises and how to solve it. What will they come up with?? You will see the pain spread out evenly, I there eyes, doing the right thing is not an option. They will "spread out" the current pension liability over a longer duration, "stretch the years", put current state worker on a 401K/State backed program, (that will cause a new group of state retires), sales tax will rise to the highest in the Country. Property taxes will go a bit higher believe it or not.
This is what happens when true balance is ignored for too many years, this is what happens when one party rule... is the rule. This is why Rhode Island is always " first in, and last out" of every recession.
Some of us are invested heavy in Rhode Island, I really hope I'm wrong.
....... for example, bleeding heart liberal Linc Chafee wants to educate illegal immigrants at URI with "in state" tuition. Linc's personal Dream Act. Exactly the mentality that (we) RI taxpayers deal with, and shines more light on what goes on in RI. Deserving US citizen college students living just over the MA or CT line can't even get a break on URI tuition. Other examples abound, just pick up the ProJo.
The state has several problems which have accumulated over time in RI, have never been properly resolved by any of the elected officials, regardless of party affiliation. The difficult economy and recession has exacerbated a swirl of corruption and inept leadership that has been going on for years; and the taxpayers cannot bear the burden any longer.
quote: "People can't move out, and people can't move in. The state is in a rut."
Easy to make long distance pronouncements while living out of state.
Can't move out? Jeez, I don't know who just BOUGHT the houses that represent an increase of (22%) in recent sales (see today's Projo). There was an average drop in price of 7%- not huge by national standards. Anyone with half a brain and good credit can see opportunity in lower prices and rock bottom interest rates.
Can't move in??? Then who the heck keeps contacting me on my rental properties wanting to move in???? I have no vacancies.
Can't move out? Jeez, I don't know who just BOUGHT the houses that represent an increase of (22%) in recent sales (see today's Promo). There was an average drop in price of 7%- not huge by national standards. Anyone with half a brain and good credit can see opportunity in lower prices and rock bottom interest rates.
I was glad to to hear, in state folks are taking advantage of... for example: on the sale of a 300,000 home, there was a 21,000 loss for the seller. Not good, but sell cheap, buy cheap.
Quote:
Can't move in??? Then who the heck keeps contacting me on my rental properties wanting to move in???? I have no vacancies.
I really believe you have no vacancies, there is a shortage of apartments in the state, many families have lost there homes, they must settle somewhere.
Still... if you listened to the General Treasure, we have a set of problems that are unique to other states. We have many more State retirees than actual State workers, these retirees make more money retired, than when actively working. This is a terrible situation.
Also, we have record numbers of homes for sale in RI, we should be thrilled that some are actually selling.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
