Spring fever has arrived for several mayoral candidates. Charlie Coviello, a realtor and former mayoral candidate, has formed an exploratory committee for mayor. Coviello provides his assessment of Mayor Bill Finch’s state of the city address to the business community along with other observations.
MAYOR’S STATE OF THE CITY REPORT
GRAND LIST FIASCO
It is one thing to be optimistic about the future and another to outright lie about the statistics regarding the value of the city real estate on which the taxes are calculated. The Grand List is a number that is determined by the value of all new construction and the estimated value of existing property.
Has Mayor Finch a clue as to the scope of the recession in the real estate market here in Bridgeport? Obviously not.
The real estate market is comprised of two different components, Residential and Commercial Properties.
The Residential market has been devastated by huge declines in values. Our foreclosure rate is one of the highest in the country with over 6,000 properties either in strict foreclosure or headed there. The projections by the Fed are that this foreclosure problem will continue to grow for years.
Homes that sold for $250,000 to $350,000 in 2007 are now selling for under $100,000 and some are going as low as $50,000. Just look at the MLS data about our current market to see the depth of declining property values in most of our city. Look at all of the people who were homeowners and are now desperate to find housing for their families.
Commercial properties are not much better since there aren’t any new businesses flocking to Bridgeport. The basis for this collapse is the lack of jobs and the average homeowner’s inability to afford to pay their mortgage.
What real effective effort has the Mayor made, since he was elected, to address the pervasive job problem. NONE!
This translates into a DECLINE in property values of over 60% since 2007. It is factually impossible that our Grand List has increased over the last three years. Play with the number all you want Mr. Finch, we know the truth. The Mayors’ statement that the Grand List has grown over the last three years made in his “State of the City Report” is a total lie.
This is The Mayor’s way to justify the tax level he is using to pay for his out-of-control spending of the taxpayers’ money. Our commercial properties, thirty years ago, used to pay over 60% of our taxes. Now the number is down to under 30%.
Now Finch is planning on selling City Hall and the City Hall Annex at the bottom of the market when offers on commercial real estate are, at best, 20% of the former market value when economic times were better. All he can get is pennies on a dollar.
Is this the planning for the future of Bridgeport that our residents expect from our Mayor? Is this the time to panic and give our assets away without proper compensation? Do a poll and the answer will be a resounding NO.
It is time to look for new political leadership who has a grasp on solving our problems, not who are desperate to pay for the deficit spending they are currently overwhelmed with and have no legitimate answer to resolve.
Charlie Coviello
Candidate for Mayor
So, Mr. Coviello, are you the leader who has a grasp on solving problems rather than just pointing them out, like John Gomes and MJ Foster have done?
Please tell us, Mr. Candidate for Mayor, what are your plans for creating jobs, lowering the tax burden on home owners and residents, improving education in our failing schools, clearing out the dead weight incompetents in City Hall, and jump-starting development.
The only thing I’ve heard from any of the candidates and potential candidates is a rehash of everything that is wrong and not working and how awful Mayor Finch is. We all already know all of this. Please tell us what YOU would do to turn things around and move Bridgeport in a positive direction–forward into the 21st century.
I personally like all of the people running for Mayor including Finch. I have met them all and their interests are the same. I don’t need anyone to tell me of the horrific future that is in store for BPT. Everyone is throwing rocks from inside their glass houses. I’m only asking for substance. Charlie, John, Bill, Mary-Jane, Jeff, (Joe & Ernie), can any of you show me our survival strategy? It’s easy to take cheap shots at the incumbent mayor.
Charlie, let’s start with you. Clearly you know the declining property values in Bpt. What do you propose to reverse this trend that is crippling homeowners? What is your plan to encourage business to locate here? What is your plan to create an attraction for us to grow as a municipality?
I’m not targeting Charlie Coviello. All of the candidates should be prepared to answer these same questions, soon.
I’m intrigued by Charlie’s comments, but am interested in hearing how he knows the mayor lied about the grand list increasing.
You all are killing me.
You expect mayoral candidates to spew out their strategies six months before the primary on a internet blog? Get freaking real.
You want the strategies? Attend a debate.
Memo to the mayor: Wood cannot get up and speak for you at the debate, and you can’t call in sick.
UnSub,
Tell me the date & place of the debate, I will be there.
Crafting a budget based on reality not fiction might be a good start and what the taxpayers deserve. Mary-Jane Foster has created over 100+++ permanent jobs in the city. I believe job creation will be a primary emphasis of her administration if elected. I am not sure the last person was in the city to bring 100+++ new jobs for mostly Bridgeport residents.
Off subject, but question … did I read somewhere on this blog Mike Stone is gone from the Steel Point project?
Budget crafting is a great subject. Anyone who reads this message before noon on Saturday and is interested in being part of a unique ” Bridgeport citizen action during the next month is invited to the first organizational meeting of BOB (Budget Oversight Bridgeport–2011). BOB will be meeting at 25 Princeton Street, Bridgeport CT in the basement meeting room of the Second New Will Free Life Baptist Church courtesy of Pastor Jones.
Members, who are voters and taxpayers, as parts of teams of 2-3, will cover every Budget and Appropriations Committee Meeting to listen, reflect, question (each other, their own Council people or committee members after meetings) and make a one-page report that members of BOB can subsequently address in order to make informed comments and judgments for the benefit of the entire community at the several public meetings that will be scheduled this year.
BOB is seat-of-the-pants observation of your Council people in action. They get to vote. See what the Mayor’s office offers this year. Observe what they know and how they react to what they hear in these hearings. They serve as your check and balance only if they know and understand the situation the City is in and the budget is one major component of that. Hopefully they will decide to provide a stronger response than was provided last year. The difference is that they will be observed. Like chicken soup, it couldn’t hurt, right?
See you tomorrow!!!
blog.ctnews.com/lynne/2011/03/15/heart-of-stone
BRACON2, count me in but I have a scheduled meeting in NYC on Saturday. Give me a call on Sunday or Monday.