Wage Deflation has arrived - great news for RE sellers :(

At my company they threatened to cut wages 20% and in make up the lost 20% as a DISCRETIONARY bonus. They ended up cutting workers outright instead. But yeah its happening.

Buy now or be priced out forever.

I pray for brighter days.

bjw2103,

whats your take on this?

yep, at some point some public employees will also have to be let go if tax revenues don't turn around soon (which i'm afraid they will not)

How can tax revenues turn around?

Sales Tax income will decline further
Income from RE transactions will decline further

Gov. David A. Paterson and leaders of the Legislature have reached a deal to raise taxes on New York’s highest earners in order to close the state’s yawning budget deficit, lawmakers and officials involved in the negotiations said on Saturday.
The plan would raise $4 billion a year - so that's 4 bn less for spending on aptms in NY ;-)