Newsmakers: Recession and Housing Crisis Hurts U.S. Cities
In a Newsmakers interview on May 6, UW-Madison Professor Andrew Reschovsky discussed a major study documenting how hard America’s largest cities have been hit by the recession and housing crisis. Those forces will reduce per-capita spending by the average large city by 7% over a four-year period, Reschovsky and two other economists found. The recession has pinched cities by cutting sales and other tax collections, while the housing crisis has crippled their reliance on property taxes. Milwaukee was one of the 109 cities studied, but Gov. Scott Walker’s budget would cut state aid to the city and its school district. Property values in the City of Milwaukee have also fallen 8.3% over the last two years.
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