As Teaneck news is slow, I haven't posted in a while.
In looking back at the last several weeks and months on wall street, here are some observations of how i feel Teaneck will be effected by the credit crunch. My degree is not in economics, so allow me some leeway.
1- State aid will drop as state revenues fall.
2- Borrowing and bonding costs will rise significantly.
3- Local home assesments will drop- we wont have a reval of course but individual tax protests will skyrocket, and rightfully so.
4- Demand for higher end houses will plummet, as many of the bankers and market makers who purchase them will tighten their pockets.
5- Home renovations will slow, both as a result of homeowners tighten their belts and home equity lines drying up. This will cause permit fees to sharp, followed by the usual assessment increases to vanish.
6- Fill in your comments here.
I can think of no better person to run this ship then Mayor Feit. As we saw over the 2007 and 2008 budget season, he will rip the budget apart line by line, as will Gussen. We will need the rest of the council to jump on board (Monica- just skip those meetings).
As I like to compare Teaneck to NYC, I see Mayor Katz as Mayor Giuliani, both whom i loved. These captains got the boats out of the storm and heading in the right direction. Mayor Michael "Bloomberg" Feit now needs to keep the engines on cruise when everything around will try to send it back into the storm.
The biggest challenge- getting the Board of Education to finally follow suit. I URGE Ned Goldman to head back into that forum, and Alan Sohn to put his positive traits to work ripping that budget into shape 2008 style.