” Man/woman works in NYC. They move to Ridgewood for the ‘whole package’ (let’s leave the school rank out of it for a sec). They have 5 kids, all go to RPS schools K-12. Worker contributes to 401k, 403b, SEP IRA, whatever, and has a possible cash flow from these investments of 5k/month. Last kid graduates RHS and the family decides to move to Florida or another lower tax state. Are they greedy, or being financially prudent? Same goes for government employees. It’s just a desirable financial move. NJ pols (R & D alike) have screwed over the system to fix budgets, cronyism, over-spending, and going on a fiscal bender for decades. I lived here when there was no income tax (thank you Gov Byrne) and the sales tax was 3%. The pension system is broken and the culprits have since split the scene: Byrne, Kean, Florio, Whitman, DiFrancesco, Mc Greevy, Codey, Corzine, Christie. Now, we’re stuck with Murphy who believes that he can tax us out of the problems. With a democrat senate and assembly, it’s his baby now and can ram through as many tax bills as he wants. We have the prerogative to leave. “
This has always been the standard Ridgewood model, and it’s this model that keeps Ridgewood properties desirable.
Regrettably, with the recent reductions to the federal SALT deductions the trend can only accelerate.
Ridgewood will get even more desirable when the mammoths being built along the tracks + the garage are done and we will have to pay more taxes, use less water and not find a seat on the train to work.
Prudent.
Next question…
Most everybody moves out of Ridgewood. I can think of a few that have but most off to experience something else.
Prudent. No one is obligated to live here. Over time residents may become unhappy, they wait till the kids graduate. Others still like it here and they stay.
I downsized within Ridgewood. I am not sure this was the best decision. Taxes still too high and deduction SALT deduction loss is still hitting me. Most of my friends seem to be leaving. Paramus and Wyckoff are getting the local refugees.
If residents with children would suck it up for a few years and forgo building huge additions onto their homes in order to provide every child with a separate bedroom (and sometimes a separate bathroom for each), perhaps they could afford to stay in Ridgewood through their retirement years. I’m in my 60’s and grew up when children shared bedrooms and bathrooms. Some of my friends resided in 2- bedroom apartments in Manhattan housing 3-4 children. Why the need to build these huge houses nowadays? Property taxes, maintenance fees, cooling/heating costs, etc. all add up over time. Think small and be smart. Remember the new SALT rules.
Greed is Good