Wednesday, February 19, 2014

Connecticut Blues

My accountant just told me that real estate sales are depressed because everyone wants to move out of high-tax Connecticut.  He's not the only person who's told me that this week.  Estate taxes, sales taxes, income taxes, and real estate taxes are higher here than in many other places.  Since we have an aging population compared to other states, those things affect us more, especially the estate tax piece.

That's why you may be reading that real estate is booming elsewhere, but not seeing those "SOLD" signs in your neighborhood.  You are experiencing the results of a long-term State anti-business climate.  Even though there may be good and sufficient reason for us to be proposing the highest minimum wage in the country, businesses who can choose where to expand see that bill as a proxy for other mandates and regulations that will make it hard to do business in Connecticut.  I've actually had people in other states point to our legislature as the reason our real estate market is slower than theirs.  Housing goes with jobs.  We need to create more of the latter in our State.