🚀 go-pugleaf

(I posted this to misc.consumers and then figured I might get more useful
information from a capdist newsgroup.)

Hi all.

I currently rent in Troy, NY, a small city of about 55,000 up around Albany.
I've been here for about 4 years and haven't really kept my finger on the 
pulse of the city.  However, I'm now looking to buy in Troy (Troy has a high 
concentration of beautiful older homes) and am now much more tuned in.

However, it's not a pretty picture.  Troy is on the verge of bankruptcy with a 
16 million dollar debt due in late August that they will probably not be able
to meet (it doesn't look like the state's going to help out either).  
Naturally, city officials do nothing but bicker and blame one another and 
shoot down each others financial recovery proposals.

Troy already has some of the highest taxes in the Albany-Schenectady-Troy area.

The thing I can't figure out is that nobody seems to be panicing.  Today, the 
front page of the Troy Record warned of impending bankruptcy for the city and 
yet the opinion pages of the paper for the last few weeks (that I've been 
reading it) don't show much concern over what I would *think* would be a 
grave concern.  Also, local property values seem to be keeping pace with 
the rest of the area, at least for now.

In particular, aren't the people of Troy concerned that their taxes will 
skyrocket to impossible heights?  Aren't they concerned that their property 
values will plunge?  Or am I naive?  Is it the case that a city or town the 
size of Troy can and will absorb even bankruptcy and manage to survive?  
Well, I'm sure they'll survive - I'm just wondering what the recovery will 
look like.  Schenectady, NY is hurting bad too but their pain comes from
the fact that the General Electric plant there is slowly dying (I can see
how *that* can ruin a city).

We all know about Orange Co., CA and how they're borrowing again with no 
problem.  My concern is that Troy, NY is no Orange Co.  I'm sure it has 
nowhere near the resources and has some urban problems to boot.

Looking forward to your opinions,

-jim