In New Canaan (Connecticut), where the average home sells for approximately $1.5 million, the Board of Realtors has voted to remove all “for sale” signs on homes by July 1, reports a Fox News online article http://www.foxnews.com/politics/2018/06/12/wealthy-connecticut-town-bans-for-sale-signs-on-homes-on-market.html. After a six-month trial period, the Town Council could make it an ordinance.
The article states, “High property and income taxes and loss of major corporations pack a powerful one-two punch that experts say is driving an increase in “for sale” signs throughout the state.
“Connecticut has the third-worst credit rating in the country, and its deficit has reached nearly $5 billion. According to a 2017 estimate by the Pew Charitable Trusts, the Nutmeg State only has $240 million in its ‘rainy day fund’—only five states have a smaller cushion.”
Photo by Mark Turnauckas