From the Star Ledger:
Trump trying to block funding for Gateway Tunnel project
President Donald Trump is trying to block federal funding for the Gateway Tunnel project even though the House has already allocated $900 million for it, according to a published report.
The Washington Post said Trump has pushed House Speaker Paul Ryan, R-Wis., to keep the funding for the plan for a new rail tunnel connecting New Jersey and Manhattan out of the spending bill now being written to fund the government through Sept. 30.
The report said Trump delivered the message to Ryan during a meeting on Wednesday. It cited as sources three people familiar with the conversation.
Trump has been at odds with Senate Democratic Leader Chuck Schumer of New York on such issues as health care, taxes, budget cuts, immigration and guns. Schumer delayed the Senate confirmation of Federal Railroad Administrator Ronald Batory to pressure the administration to fund Gateway.
His much-touted infrastructure plan calls for increased state and local government spending on public works, even as he crippled their ability to raise revenue to pay for projects by signing legislation shrinking the federal deduction for state and local taxes.
…
Rep. Rodney Frelinghuysen, R-11th Dist., who inserted the $900 million into the House spending bill, is one of the negotiators.Gov. Phil Murphy said in Washington Thursday that the retiring lawmaker, who chairs the House Appropriations Committee, is working hard to ensure the money remains in the final spending bill.
…
The federal government initially agreed to pay the half the cost of building a new railroad tunnel under the Hudson River so that the existing tunnels could be closed to repair damage caused by Hurricane Sandy.But the Trump administration has appeared to renege on that promise. In a letter sent Thursday to Rep. Donald Payne Jr., a member of the House Transportation and Infrastructure Committee, Federal Transit Administration Deputy Administrator K. Jane Williams said there is “no evidence of a binding agreement.”
Prediction? It’s easy, just watch the frothy markets, and we’ll be where they are 2 years later. NY Metro has lagged the frothy markets by 1.5-2 years pretty consistently during the last boom, the last bust, and the recovery, only with less volatility (smaller peaks, smaller troughs). When the frothy markets have a clear plateau, we’ll be in the same place 1.5-2 years later. When they start to decline, we’ll decline 1.5-2 years later.
On the comparison of January purchase contracts being highest since 2005.
Keep in mind that this is not corrected for housing units or population, this is a raw comparison. Best January since the 2005 bubble doesn’t mean bubble territory, because we have roughly 350,000 more residents in NJ in 2017 vs 2005.
From Bloomberg:
Trump Said to Tell Republicans Not to Approve Hudson Rail Tunnel Funds
Senate Democratic leader Chuck Schumer urged Donald Trump not to play politics with a commuter railroad tunnel under the Hudson River that’s regarded as critical for the Northeast economy, after the president told Republicans not to approve funding for the $12.9 billion plan.
Trump doesn’t want to advance the project, known as Gateway, which would provide a crucial rail link between New York and New Jersey — in part because Schumer had held up the nomination of several of Trump’s nominees, according to people familiar with the president’s thinking on the issue.
“This project is vital to fifty million people in the northeast corridor and to our American economy, and politics shouldn’t get in the way,” Schumer of New York said in an emailed statement.
Committing funds to Gateway also runs head-on into the philosophy that’s driven Trump’s push for a trillion-dollar public works plan — that states and municipalities should bear more of the cost, and the federal government less, for much-needed upgrades to U.S. infrastructure.
I thought NJ lost two congressional seats in the 2010 census. I guess we’ve grown since that census?
Growth rate was very slow if you do the math, it’s not that we lost population, it’s that other places are growing at a much faster pace than we are.
NY/NY/PA/NYC are all growing at roughly the same rate over the past decade.
Then reduce the federal taxes some more. Why should we take on investment costs that generates revenue for the feds.
“Committing funds to Gateway also runs head-on into the philosophy that’s driven Trump’s push for a trillion-dollar public works plan — that states and municipalities should bear more of the cost, and the federal government less, for much-needed upgrades to U.S. infrastructure.”
Nevermind. Answered my own question sort of. We grew 2000 to 2010 but still lost seats.
Definitely seems to be the case.
grim says:
March 4, 2018 at 6:58 am
Prediction? It’s easy, just watch the frothy markets, and we’ll be where they are 2 years later. NY Metro has lagged the frothy markets by 1.5-2 years pretty consistently during the last boom, the last bust, and the recovery, only with less volatility (smaller peaks, smaller troughs). When the frothy markets have a clear plateau, we’ll be in the same place 1.5-2 years later. When they start to decline, we’ll decline 1.5-2 years later.
I think it has to do with the relationship between these markets and ours. Like I always point out, when these other markets go up by 20%, they make our area look like a value, which drives our prices up.
Grim, frothy markets (Denver, Seattle) are seeing 10%+ house price growth. Do you think NJ can approach that?
I don’t think so and have forecasted flat NJ house prices in 2018. The reason is NJ’s rotting suburban and rural fringe
You know I don’t like attempting to forecast statewide numbers because there is so much potential local variation in the numbers that it’s both incredibly difficult (you’d need to nail multiple market forecasts to nail the aggregate), and it’s somewhat meaningless, as we don’t buy statewide median houses.
2018 is going to be an incredibly difficult forecast, because we don’t know yet the financial and psychological impacts of the tax changes.
I’ve made my point here before, I think the tax changes are highly beneficial to NJ small business owners, thus we will see this translate into higher pass-through income for this smaller segment of NJ population, and this will drive increased spending on housing. However, how this translates into a specific local market, that’s a tough one. NJ small business owners tend to be a fairly diverse population, socioeconomically, geographically.
All in all, I think NJ can easily see 3% increase in 2018, and close to 5% on the upside if the tax impacts really start to push local economic growth.
The NJ->Elsewhere housing arbitrage trade seems to be at it’s lowest potential value ever. It’s not such an obvious win anymore. More and more markets are becoming a net-wash due to higher housing prices.
NJ will not see housing GROWTH (volume) until we see widespread zoning and planning changes. Outside of Hudson, this isn’t really the case yet. It may be a decade or more before the boomers that hold these positions are dead or retired, and we see a more open mindset.
Grim, agree with your comment, in particular last paragraph. NJ municipalities are dreadful at issuing residential building permits, and the tax base and local small business are the victims.
Nj’s day will come again. It’s already in the early stages. Give it 10-20 years. I love watching the rest of the country’s real estate go through the roof in livable areas. Guarantees a nj comeback.
“The NJ->Elsewhere housing arbitrage trade seems to be at it’s lowest potential value ever. It’s not such an obvious win anymore. More and more markets are becoming a net-wash due to higher housing prices.”
Murphy as well, is a huge wildcard at this point, he could be very bad for the state.
It would be very easy for him to completely squander any economic potential in favor of his social justice war and presidential ambitions.
I have mentioned before the Locust Boomer’s moral and intellectual bankruptcy.
In the clip below from Bill Maher’s Overtime. Don’t listen to what they are saying. Look and listen and feel the anger. The rest of the clip is also good. The actual show was very good with tiger mom Amy Chua explaining social tribes.
https://youtu.be/xHlv4o31FeA?t=1m7s
NJ house prices increase = great for NJ!
Everyone but NJ house prices increase = great for NJ!
It’s complicated, buddy. I’ll try my best to simplify it for you.
Nj house prices increasing is good for nj because it’s means our economy is growing.
As for your second statement. Nj is going up, it’s just been slower than every else. It’s a good thing, because markets run in cycles. Sometimes you need to slow down growth at the risk of becoming too overvalued in comparison to your competition. Nj was there, so it’s only natural that the markets rebalance themselves over time in the spirit of competition.
PumpkinFace says:
March 4, 2018 at 9:21 am
NJ house prices increase = great for NJ!
Everyone but NJ house prices increase = great for NJ!
Yo,
I agree most NJ towns have been dreadful with issuing building permits. Small business definitely feel the impact, but the tax base is a maybe. Large influxes of new population, whether gradual or quickly, increases costs as well (not every town/County has the state subsidizing its schools and hi-rises). Also if the infrasture cannot handle the increase, it may cause other issues. As grim and others here point out regularly, this country let alone NJ has not been able to do any material infrastructure projects in decades.
Yo! says:
March 4, 2018 at 8:50 am
Grim, agree with your comment, in particular last paragraph. NJ municipalities are dreadful at issuing residential building permits, and the tax base and local small business are the victims.
@MrFilmkritik
Obama ran on of the most honest, ethical presidencies in American history. Trump already has run the most corrupt and unethical presidency in American history. Amazing to see the awful difference, all within 12 months.
@nytimes
The new owner of the Trump International Hotel in Panama City wants the Trump brand gone. The president’s family business refuses.
The standoff has not been pretty.
I watched the episode too. It was okay overall. 1) Bill Maher’s deference to Eric Holder is sickening given what Holder did and didn’t do during his time in office … and then so quickly went back through the revolving door. 2) I don’t doubt the kids passion on the topic but I think at times they were just saying what they thought was funny rather than how the felt. 3) During the segment when Bill brought up amending the 2nd Amendment, the question flew completely over the kid’s head. Not trying to be hard on him so Bill moved onto the next thing. 4) Also given the kids’s ages (17-18?), are their parents boomers?
Locust Boomer Reckoning says:
March 4, 2018 at 9:09 am
I have mentioned before the Locust Boomer’s moral and intellectual bankruptcy.
In the clip below from Bill Maher’s Overtime. Don’t listen to what they are saying. Look and listen and feel the anger. The rest of the clip is also good. The actual show was very good with tiger mom Amy Chua explaining social tribes.
https://youtu.be/xHlv4o31FeA?t=1m7s
If demand for housing is not growing in the suburbs than less building permits. However if demand is growing for multi family housing in the suburbs and that appears to be the case than the towns oppose it because they don’t want multi family in their towns especially rentals. They are afraid of the impact on the schools crowding and increased taxes and they are afraid of the demographic that might move into those new units.
Then the future came – and turned out to be very different indeed. Citizens have long been disillusioned with politics; now, they have grown restless, angry, even disdainful. Party systems have long seemed frozen; now, authoritarian populists are on the rise around the world, from America to Europe, and from Asia to Australia. Voters have long disliked particular parties, politicians or governments; now, many of them have become fed up with liberal democracy itself.
Obama ran on of the most honest, ethical presidencies in American history.
Yes, offering companies that committed billions of dollars in fraud an opportunity to settle for less with no admission of wrong doing. Very ethical indeed.
Good Face the Nation this morning.
One of the Democratic guests went through recent polling results. n=1,000. Five people – not even 5% – but a total of five people named Russia as their top election issue. Libs, NYT pleeeeaase keep pounding this issue. PLEASE.
Had Pollock on, the ‘pissed off father’ from the White House meeting who lost a daughter in FL. Very strong and reasoned argument and plea….Stop focusing on the narrow political issue of gun control and focus on school safety instead. At one point all but called the gun control students and protesters misguided. Try to find a video, very powerful. Stops and addresses the camera and viewers directly. Stares down the camera and says he feels their pain and fear, he buried one of their own, his daughter. Worth a look.
Not a fan at all of Maher but his take on fake news is spot on.
“Fake News” isn’t some made-up phenomenon concocted by pro-Trump bloggers. It’s a very real and disturbing trend that goes much further in tearing at the social fabric of American society than $100,000 of spending on Facebook ads ever could.
…
“No wonder fake news resonates so much with Trump fans – because so much of it is fake! Just nonsense made to keep you perpetually offended with an endless stream of controversy that aren’t controversial. And outrages that aren’t outrageous.“
Not to mention the click bait angle which he also touches on. Idiots like anon can’t get enough. Money in the pocket for fake news.
“Murphy as well, is a huge wildcard at this point, he could be very bad for the state.”….this should answer that question …https://www.zerohedge.com/news/2018-03-04/madness-new-jersey-raises-expected-pension-fund-return-75
You demented douche bag….. I posted the EXACT opposite….you are the king of bad faith debate and partisan misrepresentation…… your post is PAR FOR THE COURSE…… golf pun intended…..
chicagofinance says:
May 10, 2017 at 11:52 pm
If he cheated, let him burn….what is the big fing deal?
Fabius Maximus says:
March 3, 2018 at 10:00 pm
I did ask Chi about this back in May and got a big whatever!
https://njrereport.com/index.php/2017/05/09/fake-it-until-you-make-it-or-lose-it-again/#comment-778492
Because “What is the big fing deal?” with Insider Trading!”
https://thinkprogress.org/trump-ichan-steel-imports-cf7deb8beaf0/
The original comment was ridiculous on its face…..waiting for someone to call it out…..how can someone even write such a thin?g……at least believing what they are writing?
Blue Ribbon Teacher says:
March 4, 2018 at 10:52 am
Obama ran on of the most honest, ethical presidencies in American history.
Yes, offering companies that committed billions of dollars in fraud an opportunity to settle for less with no admission of wrong doing. Very ethical indeed.
Just pointing something out…… we just had a fairly big weather disaster in part of the state……. where the fcuk is Murphy? I already commented that he has been completely invisible, but had he already thrown in the towel after a month?
dentssdunnigan says:
March 4, 2018 at 2:32 pm
“Murphy as well, is a huge wildcard at this point, he could be very bad for the state.”….this should answer that question …https://www.zerohedge.com/news/2018-03-04/madness-new-jersey-raises-expected-pension-fund-return-75
I already commented that he has been completely invisible, but had he already thrown in the towel after a month?
He’s too busy spending New Jersey money to help rebuild Puerto Rico.
They say that kind of extracurricular activity looks good on the presidential application.
Chi,
Your rant about Raj Rajaratnam back in the day made it seem that you thought Insider Trading was a big fing deal, it seems that your bigger issue with him is that he was a Wharton Grad.
I suppose that we should rework this to ..
“If he got caught cheating, let him burn….what is the big fing deal?”