Friday, November 28, 2008

Subprime mess going to cost us

One in 355 homes in Queens faced foreclosure during the third quarter of this year, and the continued spike in foreclosures throughout the state could begin affecting local government finances, according to a recently released report by New York State Comptroller Thomas DiNapoli.

Housing crisis hurts property tax revenues

DiNapoli’s report entitled Meltdown: The Housing Crisis and Its Impact on New York State’s Local Governments, shows that property tax revenue, which is the primary source of tax revenue for local governments, could decrease by as much as $1.3 billion this year, and cause governments to raise taxes to offset the deficit.

In 2007, property taxes accounted for more than 44 percent of total revenue from local governments. If property values decline by roughly 5 percent this year and results in a loss of $1 billion to $1.3 billion in tax revenue, local governments would have to raise tax rates by 5.3 percent to raise the same amount of revenue as last year.

8 comments:

Anonymous said...

Sorry, Lynn Nunes, that's why we cannot elect you stooges of the so called real estate "developers"-the real estate crooks like yourself, NMCRA, Romeo Hitlall's Real Estate, Prestige Funding (what a misnomer), who have sold their consciences to these interests for profits on the backs of homeowners.

Mortgage foreclosures, increased rents, homelessness, increased bankruptcies, overdevelopment, destruction of historical landmarks, infiltration of criminal elements to prey on abandoned homes-what a legion of pain, wanton waste and suffering real estate brokers have caused.

Anonymous said...

You left out Albert Baldeo, Edul Ahmad, Frank Singh, Herman Singh, Kawal Totaram and a few others to boot.

Taxpayer said...

Watch the local elected officials. Will they raise taxes or cut spending?

What are you required to do when your own income is reduced?

Why should the city treat its reduced income any differently?

Receive less? Spend less!

Anonymous said...

Will the city governemnt stop subsidies and tax breaks for developers financed by the taxpayers? Or will they maintain it while cutting back on services and raising taxes?

Anonymous said...

Mr. Lynn Nunes's does not have a track record in civic or community work. White must be replaced, but Nunez must establish himself as a community fighter first and clean himself up.

He is a broker associated with unethical practices in the sub prime mortgage mess that caused many of his clients and constituents to lose their homes to the banks.These poor people are now homeless and bankrupt.

He is part of the Romeo Hitlall/NMCRA group-a disgraced broker at 110 Street on Liberty Avenue, who stiffed Russo on the Bay over $50,000 for his 2006 office party. They have made a career in stiffing many people. They now operate a prostitution and drug ring at Avenue Lounge, located opposite the defunct real estate building. Lynn is also a mortgage processor with Hitlall and Prestige Funding-they created fake loan documents like pay stubs, tax returns and W-2s, that caused many homeowners to go into foreclosures. Tom White is an angel compared to these businessmen. Romeo Hitlall got Joe Addabbo to put him on Community Board 10-the first convicted felon to achieve this distinction, a strategic move to protect his liquor license. Romeo is the favorite client of Addabbo and Greenberg, a law firm specializing in criminal law, headed by Joe's brother.

We don't need organized crime in the City Council.

Anonymous said...

If Romeo Hitlall is a convicted felon, he would not be the holder of a liquor license. What felony was he convicted of and in what court? Or, are you just libeling a competitor in the shady RH real estate world?

Anonymous said...

Sorry, But Prestige Funding was own By Liza Praman not Mr. Romeo Hitlall, he just sucked the living daylight out of Liza for every penny she made, it was only a front to the public that he own Prestige Funding

He made a mess of the business that's why she left him, after all he was with Bindu and every bartender and server that was working for him, even all of his past receptionist, and was just spending the money that Prestige made, you can check the Banking department Records to see the actual owner of the company.

But its a pity that she let him use her like that and he give the company a very bad name. She could have done much better. But he deserve what is coming to him also.......................

Anonymous said...

Romeo Hitlall is a convicted felon, the liquor license was not in his name check public records it was in his brother name Dharam Hitlall (Junior) I know this because I saw the License myself.

Who are you trying to convince that he is not convicted felony.