Friday, May 20, 2016

The heavy increase in downtown apartment housing, coupled with strong new housing developments, has slowed Cleveland's population drain.

Meanwhile, Cleveland Heights continues its population loss, and falls below 45,000 residents for the first time since the mid-1920s. And it's accelerating...

Cleveland Heights had a population in 2010 of 46,153. Then fell to 45,810 in 2011 (loss of 0.74 percent), to 45,596 in 2012 (loss of 0.47 percent), to 45,411 (loss of 0.41 percent), to 45,205 (loss of 0.45 percent) and now to 44,962 in 2015 (loss of 0.54 percent). Total loss since 2010 is 2.58 percent.

For a city the size of Cleveland Heights, that's appallling, It means far less in city income tax revenues, and dropping housing prices. Lower housing prices means a precipitous drop in property tax revenues. As housing prices drop, they become affordable to people making less money -- and income tax revenues drop again. People making less money don't have the funds to take care of their homes as they wish to, and property values fall even more.

It's a vicious downward cycle. Yet, the Cleveland Heights City Council seems to be blissfully unaware of this....

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