The short answer is: a lot. And: probably more than you have if you live in the Bay Area. To cover principal and interest alone on a median-priced home in the greater Bay Area $682,410, you would need $115,510 in annual income. The monthly payment would be $2,695.23. To also cover taxes and insurance, you…
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Michigan has nearly $1B more than expected for budget | Crains Detroit Business
State budgets have been rebounding much faster than most city budgets (for many reasons: spending cuts achieved through attrition are finally appearing on the balance sheet, income taxes have begun to recover faster than housing values, etc.). Accordingly, states that were experiencing “fiscal emergencies” just a few months ago are now facing surpluses as they…
Pensions for city workers can’t be cut, but pay can, judge rules in major San Jose case – San Jose Mercury News
The fate of San Jose’s pension reforms remains unclear after a recent court decision. SAN JOSE — In a landmark ruling that could help shape city budgets around the state, a judge invalidated key parts of San Jose’s voter-approved pension cuts but upheld other elements that could still save huge taxpayer costs. Santa Clara County…
Police Salaries and Pensions Push California City to Brink – NYTimes.com
A California city that filed for bankruptcy in 2001 after a developer secured a $10 million judgment against it, Desert Hot Springs was featured in the NYT for its fiscal troubles. The city, Desert Hot Springs, population 27,000, is slowly edging toward bankruptcy, largely because of police salaries and skyrocketing pension costs, but also because…
What Washington Gives New York – Added Strain on the Social Safety Net – NYTimes.com
New York City’s commitment to preserving a social safety net is quietly heroic. When the federal government began slashing last March, officials with the Department of Housing Preservation and Development drained their reserves to keep building housing. They also preserved the rental vouchers that stand between tens of thousands of Lucy Delgados and homelessness. But…