Municipal debt is on the rise, as state and local borrowing has grown to nearly one-quarter of the U.S. GDP.
Steven Malanga writes on this trend and looks at some of the big stadium projects for which cities and municipalities have put themselves deep into debt.
"Nearly 40 years ago the Garden State borrowed $302 million to begin constructing the Meadowlands. The goal was to pay off the bonds in 25 years. Although the project initially went according to plan, politicians couldn't resist continually refinancing the bonds, siphoning revenues from the complex into the state budget, and using the good credit rating of the New Jersey Sports and Exposition authority to borrow for other, unsuccessful building schemes.
Today, the authority that runs the Meadowlands is in hock for $830 million, which it can't pay back. The state, facing its own cavernous budget deficits, has had to assume interest payments-about $100 million this year on bonds that still stretch for decades."
FULL STORY: America's Municipal Debt Racket
Cities See Mixed Returns on Spring Training Investments
While some cities in Florida have shelled out big money to build baseball stadia for professional teams' spring training, many of those teams are moving their spring programs to other cities, raising concerns about the wisdom of those investments.
High Housing Costs Are Bad News for Older Millennials
Burdened by rising housing costs, many millennials are finding it increasingly difficult to pay off debt or save for the future.
The Argument Against Home Ownership
If you pay a 20% down payment for a home, you’re making a leveraged bet that the home will maintain or grow its value.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
Colorado Bill Would Tie Transportation Funding to TOD
The proposed law would require cities to meet certain housing targets near transit or risk losing access to a key state highway fund.
Dallas Surburb Bans New Airbnbs
Plano’s city council banned all new permits for short-term rentals as concerns about their impacts on housing costs grow.
Divvy Introduces E-Bike Charging Docks
New, circular docks let e-bikes charge at stations, eliminating the need for frequent battery swaps.
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
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