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Agree with you there. Nassau and Suffolk county police are the highest paid meter maids in the country. However, the salaries are not obscene compared to other professions. The same goes for teachers. High-ER, but not obscene.
So yes, taxes will be a little higher than say Buffalo. However, what about the higher salaries overall? There is a lot of income tax oozing from Long Island. WHERE is it all going? All I am saying is, every dollar generated in Long Island, should STAY in Long Island. Right now that is not the case. The same goes for federal income tax. Tons of money coming out of LI, but how much of it makes it back? I vote for a new "State of Long Island".
I see your point regarding the higher income tax dollars generated on LI due to higher incomes. However, a common point of view upstate is that our taxes wouldn't be so high if we split from downstate. I think this opinion probably stems from the reports you see rating the states from the highest to lowest taxed. It always seems that the states known for being more densely populated or metropolitan (NY, CA, NJ etc) are always at the top of the list and the bottom of the list is made up of the more "rural" states (if I'm not mistaken, NH has no income or sales tax). Upstate would be one of those more rural states were it not for downstate. Apparently the economy of scale principle does not apply to government agencies. Maybe we should vote for a three way split of NYS. The State of Long Island, The State of New York could be the five buroughs (maybe along with Westchester, Rockland, Putnam and Orange) and the rest could be The State of Upstate (have to work on a better name for that one).
I see your point regarding the higher income tax dollars generated on LI due to higher incomes. However, a common point of view upstate is that our taxes wouldn't be so high if we split from downstate. I think this opinion probably stems from the reports you see rating the states from the highest to lowest taxed. It always seems that the states known for being more densely populated or metropolitan (NY, CA, NJ etc) are always at the top of the list and the bottom of the list is made up of the more "rural" states (if I'm not mistaken, NH has no income or sales tax). Upstate would be one of those more rural states were it not for downstate. Apparently the economy of scale principle does not apply to government agencies. Maybe we should vote for a three way split of NYS. The State of Long Island, The State of New York could be the five buroughs (maybe along with Westchester, Rockland, Putnam and Orange) and the rest could be The State of Upstate (have to work on a better name for that one).
did you vote....................................???
did you vote....................................???
Yes, I always vote. However, it really doesn't make a differance as far as elected state officials. More than fifty percent of the population of NYS is located within less than 15% of the land area of the state(i.e. downstate). We are at their mercy.
Oh...that vote, sorry . I guess we did get a little off topic here. I voted for prices stablizing but that is for where I am upstate. We haven't seen prices rise quite so dramatically as where I believe you were looking (Westchester???). Personally though, I don't think prices will drop too much anywhere. Real estate makes up such a HUGE portion of the american economy I think the Fed will do anything it can to keep it from tanking. I think we will start to see interest rates go down early next year just to save real estate. Just my opinion though.
interesting... am I reading you correctly? are you saying that interest rates will go down??? or do you mean up?
Personally I do not belive that our economy can sustain such increased real estate home costs to be viable... in other words in order to have a viable real estate economy you need two esential parts... the seller and the buyer. the buyers out there are not willing to pay those overpriced home costs therefors prices will inevitably fall. In fact we have already witnessed price corrections in the market where most sellers have actually reducedthier asking prices as no buyer was even placing offers.
I do agree that the fed will try everything in its power to keep our economy from tanking...BUT, this means they will increase interest rates not drop them. IMHO....
I am interested to know if you are currently a home owner or not... thanks
I'm a homeowner & a bit suspicious of everything regarding interest rates & oil prices so close to election time. We'll see what happens after the elections.
interesting... am I reading you correctly? are you saying that interest rates will go down??? or do you mean up?
Personally I do not belive that our economy can sustain such increased real estate home costs to be viable... in other words in order to have a viable real estate economy you need two esential parts... the seller and the buyer. the buyers out there are not willing to pay those overpriced home costs therefors prices will inevitably fall. In fact we have already witnessed price corrections in the market where most sellers have actually reducedthier asking prices as no buyer was even placing offers.
I do agree that the fed will try everything in its power to keep our economy from tanking...BUT, this means they will increase interest rates not drop them. IMHO....
I am interested to know if you are currently a home owner or not... thanks
You read me correctly. I see interest rates going down. I think this is supported by the recent 3Q GDP data showing growth at just 1.6%. This is a significant drop from 2Q GDP. Not negative yet but quickly headed in that direction (If I'm not mistaken 2 or 3 quarters of negative GDP = recession, 7 quarters = depression). You are not imagining the weakness in real estate. I feel this weakness is a HUGE part of what is causing the drastic reduction in GDP growth.
If we hit another recession (which I think we will within a year or so) interest rates will go back down.
Please take my opinions with a grain of salt. I guess I should say "I am not an economist I just play one on the internet "
Yes, I am a home owner.
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. I guess we did get a little off topic here. I voted for prices stablizing but that is for where I am upstate. We haven't seen prices rise quite so dramatically as where I believe you were looking (Westchester???). Personally though, I don't think prices will drop too much anywhere. Real estate makes up such a HUGE portion of the american economy I think the Fed will do anything it can to keep it from tanking. I think we will start to see interest rates go down early next year just to save real estate. Just my opinion though.
