artwork courtesy of Steve Kim
the satff of the Ridgewood blog
Ridgewood NJ, according to Steve Kim ,”Net burden on debt is the present value of future obligations to service the debt. At present, that comes to the notional that is being borrowed, more or less.
When $100 million is borrowed, $100 million is the obligation at the time of borrow. When people try to sell you on $ per month type metrics, do not believe it. That’s a classic sales technique, and that sort of pitch often gets people into financial straits. (Another trick is when people tell you that expense is investment.)
What if you don’t plan to stay in Ridgewood for an extended period of time? Impact will be felt through higher taxes, which will lower your home values. Buyers look at cashflow obligations of homes, so higher taxes surely factor in negatively. No – circular stairs at the library or a Lincoln Center lite performing arts center won’t save the day… sorry.”
To prove his point Mr. Kim pointed out that currently, Ridgewood home prices are around 2008 levels. Volume is as low as it was in 2008 (hence more for sale signs – average days on the market is 106 days). Taxes are 30 percent higher since 2008.
The talk In the cigar shop that the village board close to 300 million. We wonder how true this is. And what do they plan on utilizing these funds for.
Please put a verb in the first sentence of your comment, smoker. It would be nice to know what point you’re making
Steve Kim #TooManyWordsTooManyNumbersNoCare
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#WeAreRichAndStupid
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Yes that’s what we hear , That the village is borrowing a lot of money and we wonder where is it all going. Yes the cat is out of the bag.
Steve Kim so what’s your point
What are you talking about Steve what the pointers. The village is borrowing a lot of money and we wonder what it’s all for. Is it all going to the schools do they have a five-year plan which is it. That’s the point where is the money going follow the money then you will follow the problems that’s the point.
So Mr. point what you’re saying is the village is up to something again. What else is new why we are not shocked. They love playing dirty poker.