Boroughs & Burbs 45: Governor Ned Lamont. Conversation on Real Estate and the Connecticut Economy

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Boroughs & Burbs Episode 45:
Governor Ned Lamont & DECD Commissioner David Lehman
Conversation on Real Estate and the Connecticut Economy  

What's the outlook for the Connecticut economy and our real estate market in particular? We just experienced our best year in the last 20 years. Rising prices and record deal-flow. The state has a surplus and is cutting property taxes. But, facing labor shortages, supply chain challenges, the war in Ukraine, record gas prices and 7% inflation we have to ask ourselves can the Connecticut rebound continue? Is the inbound migration, particularly from New York, a long-term phenomenon or simply a Covid bonus? What's the jobs outlook? What does Connecticut have to do to compete?

Our guests this week are Governor Ned Lamont and his most senior Economic Advisor, Commissioner David Lehman, the man who is helping Governor Lamont replace the jobs wiped out by the pandemic and attract new high-profile businesses to the state.

7 Questions For the Governor and Commissioner Lehman

1. Real Estate is an Essential Industry? Early on in the pandemic New York shut down their real estate industry. Connecticut stayed open for business. Who should I thank for naming real estate an essential industry and paving the way for New Yorkers to come out? 

2. Taxes. Realtors know that taxes is a major reason why people move to Connecticut from New York (and Westchester County). Unfortunately we are losing some of our wealthiest to low-tax states like Florida and Texas. As Realtors we’d like to keep those people in-state. They’re good for our economy. What are your ideas on tax policy as a tool for retention?
 
3. Marketing. Governors have become the chief sales people of their states. I heard you were just on a recruiting trip to Israel. What is the pitch for Connecticut? What kind of industries are we looking for and what do we need to do to be competitive? 

4. The Commute. With more people working at least part of the time from home Realtors have seen a shift away from the coast and are able to sell towns that are a bit further away. Places like Easton, Redding, Weston, Ridgefield and Danbury were maybe too far for a daily commute, but things have changed. Has this changed our thinking away from emphasizing/investing in Metro North and I-95 or are our traffic and commuting concerns as important as ever? 

5. The Legislature. The state legislature seems to have a lot of opinions and some of their most controversial ideas are those that strip local control from the towns. Let’s say you rub the magic lamp and the genie gives you three wishes with the legislature. What would you ask for? 

6. Big Idea. Along the same lines, if you could implement one really big idea, the one for which you’ll be remembered, what would it be? 

7. Lessons Learned. Its 2028 and a new pandemic has arisen. The new governor calls and asks for advice. What do you tell him?

Our Hosts:

Roberto Cabrera - With 20 years of experience and ranked nationally by REAL Trends as one of "America's Best Real Estate Agents”. Sold a single family Townhouse faster than any other on the Upper West Side over $10M. 

John Engel - John Engel is a consistently top-producing agent in Fairfield County, Connecticut. John recently won the Realtor of the Year Award in New Canaan where he was long serving Chairman of the Town Council. 

Scott Hobbs - Scott Hobbs is a regular contributor. Scott is the CEO of Hobbs Inc, a third-generation custom home building company operating in Connecticut, New York City, the Hamptons and Rhode Island.

Russell Barksdale - is a contributor. Russell is the current CEO of Waveny LifeCare Network. They operate one of the finest nursing homes and offer a progression of therapeutic programs, se