Budget cuts curb land purchases

TRD New York /
Aug.August 06, 2010 01:30 PM

Financial troubles are forcing state and local governments in New York and New Jersey to scale back efforts to buy choice pieces of farmland and open space for preservation, the Wall Street Journal reported. Conservation groups have viewed the real estate slump as the perfect opportunity to buy cheap land from struggling developers and banks, industry experts say. But the funding for such programs is being cut as governments struggle to balance budgets. “It’s a fabulous time to buy land, but there’s no public money,” said Leslie Wright, director of the Trust for Public Land’s New York program, a land conservation organization. The budget that was passed this week in New York cut funding by 65 percent for open space and farmland preservation, to $28.4 million. In New Jersey, the state is continuing to purchase and protect farmland and open space through a $400 million bond that voters approved last year. But New Jersey counties, facing pressure to reduce taxes and balance budgets, are sharply curtailing their preservation efforts. [WSJ]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

Owen Thomas (Photo by Axel Dupeux)

The Closing: Owen Thomas

200-bank-ozk

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground

Book Culture at 450 Columbus Avenue (Credit: Google Maps)

Upper West Side bookstore closes amid accusations of fraud

Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)

A $119B seawall still might not protect Manhattan, critics say

arrow_forward_ios
Loading...