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News Junkie: Experts say Governor’s budget proposal would hurt housing market

HARTFORD, Conn. — A Connecticut economist and a real estate agent say Connecticut’s budget stalemate — and the proposals being put forth to resolve the budget deficit — would hurt the housing market.

Gov. Dannel P. Malloy’s revised executive order, which would go into effect if the General Assembly fails to pass a budget in the next few weeks, eliminates state education funding, also known as the Education Cost Sharing grant, for 85 Connecticut towns and reduces funding to an additional 54 communities. It restores to funding at 2017 levels for Connecticut’s 30 lowest-performing school districts, including Hartford, Bridgeport, Waterbury, and New Haven.

Meanwhile, Malloy’s original budget asks cities and towns to contribute to teacher retirement costs, which, according to municipalities, would force them to increase property taxes. Moody’s Investor Services recently reported that the ability of municipalities to use budget reserves is a challenge in Connecticut because the median rainy day funds for cities and towns is 13 percent, which is lower than the national median of 31 percent.

Read the full story on CT News Junkie.

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NancyOnNorwwalk.com was conceived as the place to go for Norwalk residents to get the real, unvarnished story about what is going on in and around their city. NancyOnNorwalk does not intend to be a print newspaper online; rather, it exists to pull the curtain back and shine a spotlight on how Norwalk is run and what is happening regarding issues that have an impact on taxpayers’ pocketbooks and safety. As an independent site, NancyOnNorwalk’s first and only allegiance is to the reader.

About Nancy

Nancy came to Norwalk in September 2010 and, after reporting on Norwalk for two years for another company, resigned to begin Nancy On Norwalk so she engage in journalism the way it was meant to be done. She is married to career journalist Mark Chapman, has a son, Eric (the artist and web designer who built this website), and two cats – a middle-aged lady and a young hottie who are learning how to peacefully co-exist.