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we are talking an economy that has seen just about zero wage growth the last decade for most americans in most sectors..that is what makes the whole thing so frustrating for homeowners in long island.
And this is what I don't understand about the Long Island market. There are posters on this board that are describing a mad frenzy to buy homes, driving up home prices in bidding wars - in of all places, the south shore, AND in the low-mid priced home range (working-middle class). If the economy is so bad, and taxes are so unbearable, and there is this claimed mad rush to leave Long Island, WHY are people falling all over themselves to pay more and more to live here? Maybe someone is not telling the truth...I just can't figure out who.
Umm, could it be that the complaints come from having to pay their ever-increasing salaries directly through our ever-increasing taxes?
When the superintendent of your town makes $350k+ a year, it's a bit absurd that we're asked to pay more and more. If you want to call that jealousy, by all means. Our district teachers just agreed to a 4-year salary freeze, but 1) damage has already been done leading to this freeze and 2) why would they agree to that if they didn't feel threatened with losing their jobs because of cuts? Oh NOW they come to their senses, temporarily.
Don't get me wrong, I love that the district performs well but the increases are outrageous like the OP mentioned.
Our general taxes have been between 3-4k going back to 2007 and still is. Our school taxes were $5k in 2007 and are now $8.2k. Up up up. What aspects of the school system have increased in cost other than salaries?
Are these real salary freezes that:
-- include the step raises too?
-- when raises start again they start at THIS level or at the level they would have started if the teachers had been getting raises all along?
-- these salary freezes are real and not temporary and do not have to be "made up" in the future by the taxpayers with interest to the teachers?
And this is what I don't understand about the Long Island market. There are posters on this board that are describing a mad frenzy to buy homes, driving up home prices in bidding wars - in of all places, the south shore, AND in the low-mid priced home range (working-middle class). If the economy is so bad, and taxes are so unbearable, and there is this claimed mad rush to leave Long Island, WHY are people falling all over themselves to pay more and more to live here? Maybe someone is not telling the truth...I just can't figure out who.
Yes that makes me wonder too sometimes. Especially when the houses being described that people are fighting over do not sound one of a kind or historic or unique.
Not a justification at all. I do find that many teacher salary complaints come from a place of jealousy, so I feel it's a somewhat appropriate response.
Sometimes it is jealousy and sometimes it is the tax burden and sometimes it is both. Since property taxes aren't going down (nor are state and federal taxes BTW ) I complain about other things...like the Jets!
Yes that makes me wonder too sometimes. Especially when the houses being described that people are fighting over do not sound one of a kind or historic or unique.
I think people are afraid of rising interest rates. There hasn't been a house in my neighborhood here that's been on the market longer than a day. I know someone who rents here and wanted to buy a house and didn't even know a house around the corner from her had gone on the market and it got sold before she even saw the "for sale" sign. It's a little crazy. I think there's going to be a lot of buyer's remorse in a year or so. Even one of the RE agents on my home forum says she scared by how fast her clients are buying.
I think people are afraid of rising interest rates. There hasn't been a house in my neighborhood here that's been on the market longer than a day. I know someone who rents here and wanted to buy a house and didn't even know a house around the corner from her had gone on the market and it got sold before she even saw the "for sale" sign. It's a little crazy. I think there's going to be a lot of buyer's remorse in a year or so. Even one of the RE agents on my home forum says she scared by how fast her clients are buying.
rising rates sometimes have the opposite effect one would think. i always say rising rates can put pressure on potential buyers to actually buy before it cost them more.
prices on homes don't generally fall when rates rise until mortgages are sky high.
our best appreciation has been between 6-7% mortgages.
if rates are that high it means the economy is humming like a baby generally and that put pressure on home price to rise too..
if rates are that high it means the economy is humming like a baby generally .
Sacrilege!
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