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Quote:
Originally Posted by markjames68 View Post
If you noticed the part that the Hispanic population is growing the fastest but their income is lower...that’s the issue, not color.
If the average income doesn’t keep up with inflation, and Hispanics earn less and pay less in taxes (income and property) who will pay for all of the pensions?
/thread
I told the wife, she must stay teaching in NYC. When NYS pension blows up its game over. The NYC teachers pension is a separate fund. If NYC teachers pensions goes belly up the state will bail them out. If the state fund goes belly up NYC will not bail out the state. Plus NYC schools population will increase or stay flat. More kids means more teachers paying into the ponzi scheme. LI and the rest of the state will continue to see declining enrollment.
I don't really worry about the fund itself blowing up, it's the burden on the taxpayers to keep it afloat. There is far too much political pressure for it to run into major problems in the next 20 years barring something unforeseen on LI.
What I suspect will happen will a continued increase in taxes, fees and surcharges. A few % here, a few % there and over time it all adds up. Kind of like property tax increases 20 years ago. 5% a year here, 7% the next, then 4%, etc. and before you realize it your taxes are doubled. With a 2% cap it will take decades to double again.
When the median income is pretty close to the "minimum to make ends meet on LI" number that Newsday published that tells me that many are either doing without some things (savings, college fund, etc.), living beyond their means (and the house is no longer a piggy bank) or something's wrong with Newsday's assumption.
It was not meant to be a comeback. I was just pointing out the obvious that Long Islanders are extra unconsciously bias against brown people due to your history of fleeing town when the Cosby's move next door. Even Carlton Banks and Urquell got you blockbusting.
The real question that I see from this is two fold. If, the people are fleeing due to the high costs, how is any minority, regardless of ethnicity going to make it?
What will become of LI when no one can afford the COL?
The real question that I see from this is two fold. If, the people are fleeing due to the high costs, how is any minority, regardless of ethnicity going to make it?
What will become of LI when no one can afford the COL?
Well... LI (and the high COL regions of the US in general) is basically becoming an economically polarized region of the affluent and then the poor with not much of a middle class . You have some lower income and subsidized housing that consists mostly of lower skilled immigrants and working class people moving out from the city and then super expensive market rate houses in desirable school districts that consists of the affluent (native born and immigrant professionals) . Middle class families just starting out generally look for lower COL places in the Sunbelt. You also have a lot of mostly white middle income retires who bought long ago when prices were far lower. Generally they cash in and move South when they hit retirement age.
Well... LI (and the high COL regions of the US in general) is basically becoming an economically polarized region of the affluent and then the poor with not much of a middle class . You have some lower income and subsidized housing that consists mostly of lower skilled immigrants and working class people moving out from the city and then super expensive market rate houses in desirable school districts that consists of the affluent (native born and immigrant professionals) . Middle class families just starting out generally look for lower COL places in the Sunbelt. You also have a lot of mostly white middle income retires who bought long ago when prices were far lower. Generally they cash in and move South when they hit retirement age.
I grew up on LI and spent 59 years there. The wealthy have been selling off property for years. There are many subdivisions that were parts of estates when I grew up. As the older generation aged out of their homes and the "younger" generation (now my age) saw that their kids neither wanted to nor intend to live with the family, many saw an opportunity when developers came knocking and took advantage of it. I have friends in Old Westbury who are now paying just shy of $50k in taxes in total. They are remaining there another year and moving. Their son has moved to Chicago for a job and the daughter just graduated and lives in the city. They see no need for large house any longer and the shift in demographics has impacted who they might be able to sell to.
the fact that nonwhites are overall fourteen years younger than whites will only accelerate this process.
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