NEW YORK CITY-Conversation groups who are against suburban expansion have found the slump in real estate as a right time to purchase land at a cheap rate from distressed developers and banks. However, the real estate slump is accompanied by financial crunches, which has led to governments cutting short on funds for land preservation.
In New York, the funds for land preservation was reduced by 65% to just $28.4 million. The story is almost the same in New Jersey too. For the full story, go to Wall Street Journal.
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