Strictly Business

From Business Today:

Anyone who has walked through the Lafayette Hotel in downtown Buffalo during its renovation has been amazed. Teams of workers are attacking every floor, stripping walls to the studs and re-plastering everything in sight. The saving of the landmark is being made possible by the state's law that allows historic renovations to sell up to $5 million in tax credits to help finance the work. Developer Rocco Termini is lobbying the state to lift that cap to $12 million. It wouldn't make much difference in high-cost areas like New York City, but in upstate New York, that extra $7 million will mean many more historic buildings will be saved. And jobs created.

Bankruptcy filings in Western New York continue to fall. Experts think it's for good and bad reasons: people are not getting into as much debt trouble, that's the good reason. But the unfortunate reason: some people are so broke, they can not afford the $1,000-plus in fees to file for bankruptcy.

We will all look back on this era and say: why didn't we buy it? With mortgage rates at all time lows, and foreclosures dragging property values down, there may never be a better time to buy property - if you have the money.

Who is getting hired, promoted and honored?