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When were the last contracts negotiated? Under Suozzi, correct? What did he plan to do, tax homeowners to the point that everyone in the county is bankrupt to satisfy the unions? Yeah, great for the unions. Now explain that to the hundreds of families foreclosing in Hempstead. I see houses w. ask prices of $100k that were bought 4 years ago for $400k. We're almost at $0.01 to buy a house in hempstead, now what? Uh-oh, what happens if the houses go to $0 there and that spreads to neighboring towns?
The union contracts have been a problem for quite some time. They really spiraled completely out of control during Gullotta's tenure. The last round of union negotiations Suozzi actually was able to score a few concessions from the Unions. One of which being the cap on Police Severance pay, which Mangano decided to remove last year.
As far as your comments on the homes in Hempstead, need to see some evidence to support that. I wouldn't argue perhaps that has happened to a handful of homes, but I don't see any evidence to suggest Hempstead or anywhere else is down 75% in home value from four years ago, the data just doesn't support that. Most of Long Island has seen quite a hit (20-25% or so), but I don't think any area on LI has been hit as hard as the 75% number you are pulling out. Some parts of the country such as around Vegas and Arizona certainly, but not on LI.
The union contracts have been a problem for quite some time. They really spiraled completely out of control during Gullotta's tenure. The last round of union negotiations Suozzi actually was able to score a few concessions from the Unions. One of which being the cap on Police Severance pay, which Mangano decided to remove last year.
As far as your comments on the homes in Hempstead, need to see some evidence to support that. I wouldn't argue perhaps that has happened to a handful of homes, but I don't see any evidence to suggest Hempstead or anywhere else is down 75% in home value from four years ago, the data just doesn't support that. Most of Long Island has seen quite a hit (20-25% or so), but I don't think any area on LI has been hit as hard as the 75% number you are pulling out. Some parts of the country such as around Vegas and Arizona certainly, but not on LI.
Why did Mangano remove it? Was it the only way to force some of them into early retirement to save taxpayer $ or is he in cahoots with the PBA?
You don't believe me? I found 3 such houses within 5 minutes. I can find 100 more if you'd like in different neighborhoods too. Keep fattening up those pensions...
195 harvard = What nassau county will look like in 10 years. Keep drinking the kool-aid Smash. Imagine if the FED didn't intervene and Obama didn't come bail everyone out (especially with the "Build America Bonds" funded by the Treasury or BABS, a gift to preserve the union-bubble).
Why did Mangano remove it? Was it the only way to force some of them into early retirement to save taxpayer $ or is he in cahoots with the PBA?
You don't believe me? I found 3 such houses within 5 minutes. I can find 100 more if you'd like in different neighborhoods too. Keep fattening up those pensions...
195 harvard = What nassau county will look like in 10 years. Keep drinking the kool-aid Smash. Imagine if the FED didn't intervene and Obama didn't come bail everyone out (especially with the "Build America Bonds" funded by the Treasury or BABS, a gift to preserve the union-bubble).
No one should be getting upwards of $600,000 to close to $700,000 of taxpayer $$$ in order to retire. Thats insane
As far as the homes you mentioned, the first one mentioned other unusual factors and went from $240,000 to $410,000 in a matter of seven months. The 2nd one looks like pure speculation (1,200 s foot home at $400,000 in Hempstead??
The last one is obviously a foreclosure.
Anyway anyone could pick a few homes here and a few homes there that have seen these sharp drops. What I am talking about is median home value changes. Have some homes dropped by 75%? yes. Have most homes dropped by that amount? No. Has the median home dropped by that amount?? No.
Also of course you need to keep in mind the amount of speculation that went on in the first half of the decade. The median home value on LI more than doubled. Thats absolutely insane, of course a crash is going to happen when something like that happens.
With that being said of all the areas that saw the bubble that we saw LI has probably seen the lowest drops. Nevada, Arizona and Florida all saw those huge gains like we did in the first half or so of the decade, however those markets are all down MUCH more than LI is. That doesn't mean you can't find some homes here or there that compare with the drops seen in those areas, but putting aside the exceptions and looking at the changes in the median prices its not even close.
When were the last contracts negotiated? Under Suozzi, correct? What did he plan to do, tax homeowners to the point that everyone in the county is bankrupt to satisfy the unions? Yeah, great for the unions. Now explain that to the hundreds of families foreclosing in Hempstead. I see houses w. ask prices of $100k that were bought 4 years ago for $400k. We're almost at $0.01 to buy a house in hempstead, now what? Uh-oh, what happens if the houses go to $0 there and that spreads to neighboring towns?
The NCPD received an arbitration awards in 1997, 2003 and Gulotta
An arbitration panel awarded the current contract in 2007 that expires in 2012, it was the best that could be done under the circumstances but still way too high. The problem goes back to the escalation of salaries under Purcell and Gulotta in the 1980's and 90's. The salary increases in Nassau caused an increase in Suffolk because arbitrators look at similar and adjacent counties. Since then the arbitrators have gradually increased awards in both counties.
Arbitration is a losing proposition and the unions know it. If they don't like the negotiated deal they declare impasse and go to arbitration where they always win.
From 2006
"The P.B.A. has already declared an impasse in the current negotiations, walking away from the bargaining table because a flawed state law on binding arbitration actually encourages them to do so. The contract dispute now will probably be decided by a state arbitrator who is unelected and unaccountable to taxpayers. Arbitrators, who depend on the unions for future business, regularly award big raises and benefits without any basis in equity or economics."
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