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Albany's $55M Financial Crisis | Albany News
Albany’s facing a $55 million budget shortfall that’s been brewing for decades, not just months — and it’s got deep roots in history. The Empire State Plaza, built 50 years ago, took nearly 100 acres of taxable land off the books, crippling revenue. Compounding the issue: 60% of Albany’s property is tax-exempt, mostly due to its status as state capital, and a shrinking state workforce has hurt downtown commerce. City leaders are still cutting costs — including freezing non-essential hiring — while scrambling for long-term solutions. No quick fix here, but this case shows how historical…
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