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How Did the Great Recession Affect New York State’s Public Schools?

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How Did the Great Recession Affect New York State’s Public Schools? – Rajashri Chakrabarti and Elizabeth Setren

  • “Across the nation, state and local governments saw declining revenue from income, property, and sales taxes after the onset of the recession and the bursting of the housing bubble in 2007. According to the CoreLogic Home Price Index, New York saw a 13.5 percent drop in housing values from October 2006, before the housing market crash, to February 2009, right before the market started to recover. Local governments often receive a large portion of their funding from property taxes, so this decline restricted their ability to maintain school funding levels. New York’s unemployment rate almost doubled during the crisis, causing state tax revenues to fall 8 percent from 2007 to 2009. The financial downturn limited state and local governments’ ability to fund school districts fully and resulted in difficult budgetary decisions.”
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