Roger Hannigan Gilson had an article yesterday in the Times Union about the roundtable that took place last week with representatives of Bard College regarding the Galvan Foundation's gift of Hudson property: "Gift to Bard includes city library, homeless shelter, apartment building." The article does not provide much new information and appears to be based solely on information provided by Linda Mussmann (whose last name is consistently misspelled) and a bit from Margaret Morris. Nonetheless, it makes a mildly interesting read, if you're not blocked by the paywall.
It sounds like the expectations of the event were miscommunicated to all parties, so it’s no surprise there would be friction.
ReplyDeleteAnd we all should be reminded that it’s Galvan’s lack of communication and transparency throughout their time here that got us to where we are today. At the last meeting, the Council settled a ton (like dozens of properties) of assessment disputes with the ever litigious Galvan. Bard offloading these properties to people that will pay a fair assessment and get them fixed up and occupied will be a huge blessing for Hudson.
If legally possible, the buyers of the Bard properties should be obligated to undertake renovations without delay. The last thing we need is some hedge fund coming here to buy a bunch of real estate and then sit on it for years. ~ PJ
ReplyDeleteThis is America, you can't force people to do what you want them to do with their property.
DeleteBut don't worry, no hedge fund will park money in small properties, in a town and state managed liked Hudson / New York.
They do that in sunbelt states where taxes are lower, more reliable, and the housing stock more consistent and newer.
Hedge fund employees, however, fleeing Manhattan income tax and with spouses who like country vibes and historic homes, will buy some of the properties.
That said, this is another reason why Kamal's decision to delay delinquent property tax collection is bad. Frequent and predictable taxes will lead to more productive use of land.
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Speaking of incentives... think about it... who will buy homes in Hudson if:
1. the taxes are high
2. the schools are bad
3. the city is walkable / surrounding country is nice
4. limited local 6 figure jobs
Group A
Now ask yourself, who will buy homes in Hudson or simply stay in Hudson if:
1. the taxes are LOW
2. the schools are GOOD
3. the city is walkable / surrounding country is nice
4. MORE local 6 figure jobs
Group B
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Hudson controls the levers that incentivize Group A or Group B.
Kamal and Co. claimed to fight for Group B but incentivized Group A with their decisions and actions.