America's cities and towns have issued nearly $3 trillion in municipal bonds, yet are facing shrinking revenues, budget shortfalls and enormous pension obligations. There are fears that the next financial crisis will be municipal bankruptcies.
The financial crisis has hit cities hard: foreclosures, housing abandonment and shrinking tax bases. Now there are fears that they will be unable to meet their financial obligations.
"Cities across America are facing dire financial distress. Meredith Whitney, a banking analyst turned independent adviser who correctly predicted the banking meltdown, has issued an Armageddon-like prediction of mass municipal defaults. Others - notably Newt Gingrich - have suggested that state governments as well as cities should be allowed to file for bankruptcy. Congress held a hearing to examine the idea.
Americans, still reeling from the devastating impact of the mortgage debacle, are fearful that the next economic disaster is only a matter of time. To anyone reading the headlines of budget deficits and staggering pension liabilities, it takes little imagination to conclude that the next big one will be government itself. If muni bonds were to default (causing investors permanent harm, as distinct from the temporary discomfort of price fluctuations), ordinary Americans would lose big."
FULL STORY: Broke Town, U.S.A.
Which U.S. Cities Changed the Most This Decade
Analysis looks at a decade of data to determine which communities are undergoing dynamic transformations, and which are standing still.
You've Got a Friend in Me: Community Development and Health Sectors Working Together
Sixty percent of premature deaths are accounted for not by medical care or lack thereof, but by social circumstances, environmental conditions, and behavioral patterns. So perhaps the medical field on its own can't prevent them.
Does Your Local Economic Development Strategy Include Search Engines?
Nearly half of consumers now report that they look for local business information using the Internet, more than any other source.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Planning for Accessibility: Proximity is More Important than Mobility
Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Alaska Village Becomes Test Case for Climate Change Relocation
The Yup’ik village of Newtok is the first Alaska community to begin a full-scale relocation necessitated by the impacts of climate change. Another 31 Alaska communities remain vulnerable.
Amtrak Takes Lead on Texas Central Rail
The high-speed rail project isn’t a done deal, but if it moves forward, trains could begin operating in 2030.
Maine Approves Rent Relief Program
Legislators hope the assistance program will help struggling low-income households avoid eviction.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
