Hello my fellow New York investors. So I was watching the news today and Gov Cuomo is stating that if he wins re-election he wants to continue his Buffalo Billion initiative which will invest capital into Buffalo Ny, building a New State Park, some University improvements, some infrastructure.
Now we all know politics so this could all fall thru and I do not want to turn this topic into a political debate I simply want to hear what other real estate investors think What will happen to the Buffalo Ny real estate market if the initiative is funded and several improvements are made to the city?
How will this affect the rental market?
Do you think this will attract more investors to the city?
Do you think this will raise prices in the city?
Do you think it wont have any effect?
I for one was not looking at any investments in the Buffalo area but if the state is going to fund substantial capital improvements to the city I may just have to reconsider that and start looking for some buy/hold properties in Buffalo!
My short answer is no. I don't think it will. A lot of politicians are using their funny money ( our tax dollars ) in our little sandbox. Part of the problem is we have nothing to attract people to visit.
My short answer is no. I don't think it will. A lot of politicians are using their funny money ( our tax dollars ) in our little sandbox. Part of the problem is we have nothing to attract people to visit. At the same time I really hope I am wrong because the city is beat down.
Originally posted by @Michael Sherwood :
Part of the problem is we have nothing to attract people to visit. At the same time I really hope I am wrong because the city is beat down.
I'm thinking that a lot of those funds would wind up never making their way to Buffalo. They would be reallocated or otherwise vanish. If I was to guess, I'd say the funds that do make it would wind up primarily in the medical corridor and the water front that we've been struggling to develop since our industry left the area.
I think Mike is right when he says there is nothing to attract people. The side walks downtown roll up at 5pm because the only jobs revolve around banking, legal, and government. I'd like to see some sort of stadium or concert venue on the water front, surrounded by locally owned restaurants and shops so that there's a reason to visit. I also think One Seneca needs to be converted to a mixed use including residential in order to keep some sort of population down there. But, they need all the support structures (groceries, shopping, etc) to make it a desireable area to live. Remember the glory days of the Main Place Mall, AM&As, etc?
In the next 10 years I see the city emerging in two fields - technology and medicine - due to our inexpensive labor pool and land costs. How do we get there? PROPERLY applied funds targeted at the right projects. Whether or not that will happen is anyone's guess.
I think both @Michael Sherwood and @Andrew Schultz make great points. While the Buffalo Billion is great and all, what has been really been driving the growth of Buffalo is the private sector (partially through historic tax and preservation credits).
What we haven't seen is a couple of things that are really holding the city back:
1) A lack of necessary amenities for downtown living like Andrew said (grocery stores, more retail stores, et cetera). Without them there really isn't anything to do in the Business District, besides a few restaurants, with the nearest grocery not within walking distance. If someone realizes this, great things will come for Buffalo.
2) Lack of demand for office space. Tied into the One Seneca Tower deal, there is an overabundance of outdated office space on the market. Once we start to see some more large scale conversions, if they ever happen, I think we'll start to see some more investor involvement and more demand for both residential and commercial space.
Dont forget they are finally fixing the mistake they made forever ago and are reopening Main st to regular traffic. Its a start.
@David Niles hit it right on the head. I intern on Main Street and they are slowly making progress on the 500 block. They're eventually hoping to make it all the way down to Canalside, but are still waiting on financing. It's great to see the city coming back to life after so many years of ineptitude.
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