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."
Read the 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?
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
Chicago voters approve permanent festival grounds, penalty for vacant property owners
Currently, major summer and fall festivals take over public parks for weeks at a time, drawing criticism from nearby residents
NYC votes to cut outdoor dining red tape, speed up permitting
New York City also voted to allow the Department of Transportation to begin work on urgent projects before notifying elected officials.
California appears to reject Prop. 45
The proposition would have expanded the projects that qualify for a streamlined environmental review, effectively paring down the California Environmental Quality Act.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
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Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
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The Pocatello Development Authority