Realtors don't think the end of residency will cause dramatic change
Photo: Image by Diana Parkhouse - flickr
MILWAUKEE - Will the end of Milwaukee's residency rule lead to an exodus from the city?
Mayor Barrett has softened his rhetoric about about the issue recently. But in the past, he has claimed that the end of residency will turn the tax base of Milwaukee into Detroit.
"In Detroit the State Legislature came in, passed a law 11 years ago. Now over half the police officers have left that city," Mayor Barrett said in 2011 during a previous attempt to remove the residency rule. That attempt failed.
But the residency rule is now gone. So what will happen?
"We don't think it's going to be dramatic," said Mike Ruzicka with the Greater Milwaukee Association of Realtors.
Ruzicka isn't as gloomy about the prospect of property values plummeting in the city. "We certainly hope it doesn't and we don't think it will especially in this market. Because we're coming out of the recession prices are starting to appreciate," Ruzicka said.
Ruzicka thinks if public employees to do move, there will be people ready to move in. "In the areas where public employees live, they're very highly sought after neighborhoods, they're very successful, stable neighborhoods, they're safe. We think the same type of people who live there now are going to move in when someone moves."
There's demand in Milwaukee right now. In fact, supply in the condo market downtown is extremely tight. They have 2-3 month supply. A market considered healthy usually has enough listings for a 6 month supply.
Ruzicka also points out, selling won't make sense for everyone for a variety of reasons.