{"id":26,"date":"2005-08-23T10:54:00","date_gmt":"2005-08-23T17:54:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=26"},"modified":"2005-08-23T10:54:00","modified_gmt":"2005-08-23T17:54:00","slug":"local-governments-budget-for-the-bubble","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2005\/08\/23\/local-governments-budget-for-the-bubble\/","title":{"rendered":"Local Governments Budget for the Bubble"},"content":{"rendered":"

It seems that local governments have set themselves up for failure<\/a> when the housing madness finally cools off, even if it’s just a slow cool down rather than a bursting bubble.<\/p>\n

New development in Tumwater is filling the city’s coffers with the revenue from building permits and one-time taxes on construction.<\/p>\n

But city officials fear the bubble will burst and the city will have to cut services by more than $500,000 as early as next year.
…
“We’re in a good position now, but we’re going to run out of (new construction) money in the next six to 18 months,” [city finance director Gayla] Gjertsen said. “We’re not sure how long the construction season’s going to last.”<\/p><\/blockquote>\n

Obviously if home prices decline<\/i> then many local governments’ budgets will be hurting since property tax income will decrease. But that would only be a problem if there is a bubble, and it “bursts.” The problem Tumwater is facing will<\/b> be a reality even if there isn’t<\/i> a bursting scenario. Rapid construction of new businesses and homes can’t possibly continue indefinitely. What a shock that government is spending money without an eye toward the future.<\/p>\n

P.S. (That darn Ben Jones<\/a>, he beat me again<\/a>.)<\/span><\/p>\n

(Jennifer Latson, The Olympian<\/a>, 08.23.2005<\/i>)<\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

It seems that local governments have set themselves up for failure when the housing madness finally cools off, even if it’s just a slow cool down rather than a bursting bubble. New development in Tumwater is filling the city’s coffers with the revenue from building permits and one-time taxes on construction. But city officials fear…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[1113],"coauthors":[],"class_list":["post-26","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-uncategorized"],"yoast_head":"\nLocal Governments Budget for the Bubble \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2005\/08\/23\/local-governments-budget-for-the-bubble\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Local Governments Budget for the Bubble \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"It seems that local governments have set themselves up for failure when the housing madness finally cools off, even if it’s just a slow cool down rather than a bursting bubble. 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