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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (117610)	1/26/2009 9:06:38 PM
From: Madharry	Read Replies (2) \| Respond to of 132070

how sure are you about that Mike? I know that I keep hearing how New York is going to have a huge deficit of like $70 Billion. People are already paying huge real estate taxes which they were probably ok with doing as long as real estate kept going up but with banks on life support, commercial rentals way down and foreclosure way up, I expect there will be lots of folks not paying any of their taxes this year. I think the next the next shoe to full maybe the govt having to step in and guaranty state obligations. I have anecdotally heard of one situation where a golf course developer was suddenly cut off from loans needed to complete the project. He had to walk away. I assume the banks now own the partially completed properties. I wonder if they are paying the real estate taxes on it.