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

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

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
Reeves Wiedeman (Photos via Amazon; Reeves Wiedeman; iStock)

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork
Starwood loses control of another mall in default

Starwood loses control of another mall in default

Starwood loses control of another mall in default
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Russell Weiner with 12520 Seminole Beach Road and 12395 Banyan Road (Redfin)

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...