Quote:
Originally Posted by OyCrumbler
Texas municipalities derive much of their revenues through property taxes which are usually quite high. That was coupled with fairly low cost property though that had been changing. On a macroeconomic level, the harder thing for Texas overall is the massive drop in oil prices that has made the industry far less profitable. Texas's overall economy has certainly diversified quite a bit in recent decades, but it's still a major portion of its overall economy. Another issue has been increasing droughts and heatwaves for much of the state.
Finally, Texas embarked on a lot of mostly federally funded infrastructure and road expansions. While a lot of money is put up for the initial construction, the state and municipalities are on the hook for maintenance. That works out okay with constant expansion and new revenue and new construction, but at a certain point that may slow and you'll have a lot of aging infrastructure assets that you need to go back to fix.
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I do think as soon as density becomes higher, those things will change, and not providing any form of help, the kind of help Republican state do not like to fund, is going to have an impact mid/long term in my opinion. And then there will be a decision to decide whether this is the right place or not for all those people.
Maybe I am wrong but I think NYC will still be around and have plenty of role to play for the US economy.
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