The impact in Syracuse from Wall Street's downturn (New York, Buffalo: neighborhood, universities)

[bellafinzi]

What will be some of the impacts in the Syracuse area from Wall Street's recent downturn?

Here's mine thoughts:

1) Destiny USA may be put on hold permanently.
2) Less State revenue means more State taxes, less money for Upstate projects
3) The State's full attention turns Downstate once again as Upstate NY's problems are overshadowed by the financial fallout on Wall Street.

Isn't New York State just wonderful!!!

[bellafinzi]

New York State needs to stop putting all their eggs in one basket....Wall Street.

Maybe....just maybe if New York State found ways to make Buffalo, Rochester and Syracuse metropolitan areas economically viable, then the State wouldn't be so dependent on Wall Street!!!!!

[ckhthankgod]

Or maybe Upstate communities need to tap into the public and private entities that they already have like colleges and universities, its history, public works that employ those that need it and revamping its urban educational systems.

[bellafinzi]

Originally Posted by ckhthankgod

Or maybe Upstate communities need to tap into the public and private entities that they already have like colleges and universities, its history, public works that employ those that need it and revamping its urban educational systems.

Upstate can continue to do those things for decades to come, but until the cost of living...property taxes and anti-business climate...high energy costs etc. in New York State improve, not many people will invest in Upstate NY.

New York State needs to make Upstate NY an easy place to do business or those businesses will just continue to flock to States where it is easier to make a profit.

[bellafinzi]

Some people say...revitalize downtown Syracuse and make it a place where young people want to live.

The problem with that statement is that without a booming local economy, revitalizing downtown is very difficult and can take literally decades since there is little demand for the property there.


Some civic leaders in Syracuse also approach "economic development" is a very different manner than most metropolitan areas. They believe that educating and employing everyone who lives in an inner city neighborhood will create a vibrant local economy and make the region grow.

That's an admiral goal and some people should work on making it a reality, but it's not very realistic, nor will it do much to keep all the talent in the region from leaving for booming cities that offer high paying jobs. The real problem in the Syracuse area is that people who are talented, want to work and are already educated can not find job opportunities in the Syracuse area. That's where the main focus should be. If that happens, the ripple effect will trickle down and make more opportunities for the less educated.

[ckhthankgod]

Originally Posted by bellafinzi

Upstate can continue to do those things for decades to come, but until the cost of living...property taxes and anti-business climate...high energy costs etc. in New York State improve, not many people will invest in Upstate NY.

New York State needs to make Upstate NY an easy place to do business or those businesses will just continue to flock to States where it is easier to make a profit.

but what I was trying to say is that we can create jobs by looking at what we have to deal with now.

[bellafinzi]

Originally Posted by ckhthankgod

but what I was trying to say is that we can create jobs by looking at what we have to deal with now.

I agree, there are many things that local leadership can do that hasn't been done yet. But the reason for this thread was to talk about Wall Street's effect upon New York State and thus on the Syracuse area.

[bellafinzi]

Just imagine if during Wall Street's good times, New York State decided it wanted an economically viable Upstate NY and invested $1 BILLION in the Syracuse area....$1 BILLION in the Rochester area....$1 BILLION in the Buffalo area AND then took on the full burden of Medicaid...thus have the effect of cutting property taxes in Upstate NY in half!!!

If they decided to do that instead of pumping billions in the black hole we call education and health care, then we might have a prosperous money generating Upstate NY.

Instead we have a dying Upstate NY that is dependent on Downstate. And a Downstate that is dependent on a dying Wall Street.

Great job New York State!

[ckhthankgod]

Maybe you should go to the "dot com" website and add some things to the city forum too.

[Rochester-WNY]

Originally Posted by bellafinzi

What will be some of the impacts in the Syracuse area from Wall Street's recent downturn?

Here's mine thoughts:

1) Destiny USA may be put on hold permanently.
2) Less State revenue means more State taxes, less money for Upstate projects
3) The State's full attention turns Downstate once again as Upstate NY's problems are overshadowed by the financial fallout on Wall Street.

Isn't New York State just wonderful!!!

Just wondering how Destiny USA is affected by this?