Just a decade ago in 2003 the city of Buffalo, NY was in a fiscal crisis (on the verge of bankruptcy) and the State (under Governor Pataki) established a "hard" control board, the Buffalo Fiscal Stability Authority. The control board froze the wages of city employees and has authority to approve or reject all major expenditures. According the BFSA's most recent 2011-2012 report: "Since BFSA was created in 2003, the City of Buffalo and its taxpayers have saved more than $379.5 million." As of July 2012, the control board has moved into an advisory board ("soft" control board), which will be in effect until June 30, 2037 (unless it has to exert "hard" control once again).
Fast forward 10 years to 2013 and Buffalo, NY has a Moody's credit rating of A1, the highest in the city's history.
More development is happening in Buffalo's downtown, the core of the 1.1 Million Buffalo-Niagara Falls MSA, than has (arguably) occurred in decades!
Last edited by Wigs; Aug 10, 2013 at 1:07 AM.
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