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We're not. If it feels that way it's because we are part of one of the largest metro areas in the world and nimbies have blocked the type of development that allows for sustainable and beneficial growth. Development is completely mismanaged here. It's a mess. See Islanders for example #2. Shoreham nuke plant #1. Plumes? We got 'em. Sewers, not so much.
You're extra-special. With that keen sense of timing you should be a wall st billionaire.
No, all 1.49 million people are miserable. No wait, all 1.49 million are happy. Or, maybe you just talk in hyperbole. It can have problems and still have people who love it, hate it or in between. Isn't that incredible?!
It's not about blame. It's about economic realities caused by bad governance, nimby morons, greed and voter apathy.
Good for you. I'm looking forward to your ebook on personal finance.
LI has a ton of problems. I never said it's this perfect utopia, but it's a pretty damn good place to live.
It's only partially economically & politically driven, the other part is people's bad management of their own money.
I'm no Suze Orman, but I will tell you for the first decade post college, I never traveled and I drove a beat up car and owned one very small square TV, didn't go out to eat much and really didn't have too much of a social life … that's how I did it. Is that ideal for most people? No, but to say it's impossible … come on. Most people will do just fine, they may have to be a bit frugal and sacrifice a lot of things. A lot of people don't want to do that, so they leave.
Obviously once I got married, it got easier b/c we were on 2 incomes. Still, it's not impossible for a single young person to own something here and live well if they want to.
More likely the next recession really smacks LI upside the head. Everyone here is tied to their 401k and home equity. Next time stocks and homes drop 50% (like they did in 2000 and 2008), LI is going to be in a world of hurt and each "unsustainable" practice gets more exposed. Fortunately for us, the Fed and swamp in general have given up on real money and will prop up this economic charade at least until the election. But who knows? LI isn't booming with industry, an influx of venture capital or much of a credit rating in general. Just a bedroom community in slow decline, pretending it's winning when actually it refuses to even compete.
I agree with Jdawg. If the market falls off, it will not just impact LI. LI will always survive nicely, because it will always be connected by train, bus and roads to NYC. While I am no longer a NY'er, there was never a problem in selling LI. Maybe a certain location, but in general LI always has and always will sell.
LI does not need to boom with industry. That is covered by NYC and tele-working. Whenever, I read a doom slayer reply, all I can think of is the old joke stories I used to hear, about having no shoes and having to walk to school uphill both ways. Horsefeathers!!
I agree with Jdawg. If the market falls off, it will not just impact LI. LI will always survive nicely, because it will always be connected by train, bus and roads to NYC. While I am no longer a NY'er, there was never a problem in selling LI. Maybe a certain location, but in general LI always has and always will sell.
LI does not need to boom with industry. That is covered by NYC and tele-working. Whenever, I read a doom slayer reply, all I can think of is the old joke stories I used to hear, about having no shoes and having to walk to school uphill both ways. Horsefeathers!!
LI survived the last recession it'll survive another one. Yeah it was a mess, but I don’t feel sorry for a lot of the morons that lost their shirts mostly by their own doing.
Too many skells trying to live beyond their means like bigshots got what they deserved.
That stated income crap and living off credit cards and home equity loans. People were just so blinded by greed and stupidity to realize or accept the fact that the party wont last forever.
We should know by now it's not if, but when the next recession hits because it most definitely will happen again. Regardless, LI will survive.
The "scoop up the bargains" crowd is way smaller than that and lending will dry up faster than a Bethpage well. Only the very cash rich and commercial flippers will make a dent in that economic tsunami. Last one took out the entire mortgage industry on 110/Broadhollow Rd which took 1000's of good paying jobs away forever. Your scenario DID NOT happen last time and instead we had a backlog of foreclosures still clogging things up and mostly eaten by municipalities as 'ghost houses" AT TAXPAYER EXPENSE (ie, jdawg paid for it, lol). LI seems to be welcoming the demographic changes with open arms (see: the Newsday realtor expose thread...lol). Right.
Austin has and is booming for the past 40 years. No sign of slowing down in sight. The suburbs are just growing and people grumble 'cause they can't afford to live in hip downtown anymore. That's called growth. Give us some of that and let's compare the quality of life. Brooklyn is a sad case. Used to be people got rich enough to leave Bklyn and get to LI. Now they leave Bklyn for LI cause it's CHEAPER! They eat the taxes because for the price of a 2bd coop they can get a house in Levittown or Rockville Center. That is because region A (NYC) is GROWING and region B (LI) is in DECLINE. Lots of new commuters to LIC and Brooklyn that used to either work on LI or in Manhattan. Because jobs.
I'm glad to have my house. It's up in fake value (yay, higher taxes). But any move would be lateral or worse. I'd be selling high and buying higher. Why bother with that?
Again...NONE of this is any evidence against my assertion that LI is particularly vulnerable to the next recession.
In one post, you said people are leaving and now you are saying they are coming? So what is it?
I will tell you I go on the MLS (I always look, not looking to buy, just to look & see what comparable houses are going for by me, market rates, what ppl are paying for taxes, that kind of thing) and there are A LOT of houses for sale which people are going to buy. Not only that, new complexes are going up everywhere, even when there isn't a whole lot of space to begin with. Have you been by Roosevelt Field Mall lately? … meadowbrooke point, the Vanderbilt … they're on top of eachother over there!
There will always be inventory available for sale and it will all get sold. My aunt literally got an offer on her house 4 days after she put it for sale - there are a lot of people hungry for good homes here … b/c it is a desirable place to live. A recession will have minimal impacts on Long Island. Cheaper homes just means more people coming to swoop in and buy.
Also many of the ghost houses we see today are not due to the mortgage crisis but from Sandy.
In one post, you said people are leaving and now you are saying they are coming? So what is it?
I will tell you I go on the MLS (I always look, not looking to buy, just to look & see what comparable houses are going for by me, market rates, what ppl are paying for taxes, that kind of thing) and there are A LOT of houses for sale which people are going to buy. Not only that, new complexes are going up everywhere, even when there isn't a whole lot of space to begin with. Have you been by Roosevelt Field Mall lately? … meadowbrooke point, the Vanderbilt … they're on top of eachother over there!
There will always be inventory available for sale and it will all get sold. My aunt literally got an offer on her house 4 days after she put it for sale - there are a lot of people hungry for good homes here … b/c it is a desirable place to live. A recession will have minimal impacts on Long Island. Cheaper homes just means more people coming to swoop in and buy.
Also many of the ghost houses we see today are not due to the mortgage crisis but from Sandy.
When in this thread did I say people are leaving?! Some people leave. Some come in. It's been that way since 1940. The difference is now most are mired in walls of debt. So you're telling me that at $54k salary you bought a HOUSE in 2008 and you WEREN'T living paycheck to paycheck?! I call serious BS on that! I get that it's always and all about YOU, but my points address the TOPIC and the bigger story for ALL OF US, not the lucky few. Only truly arrogant wads downplay the last recession so lightly. People got effed hard. Many never recovered. And Karl can blame them for greed, but EVERYONE has their money socked in 401ks. How well they manage them, anybody's guess.
That nuts and jdawg disagree with me makes me more confident than ever imaginable in my prediction. LI has a severe debt crisis. Homes and 401ks drop, there will be blood.
Last edited by monstermagnet; 12-04-2019 at 01:56 PM..
When in this thread did I say people are leaving?! Some people leave. Some come in. It's been that way since 1940. The difference is now most are mired in walls of debt. So you're telling me that at $54k salary you bought a HOUSE in 2008 and you WEREN'T living paycheck to paycheck?! I call serious BS on that! I get that it's always and all about YOU, but my points address the TOPIC and the bigger story for ALL OF US, not the lucky few. Only truly arrogant wads downplay the last recession so lightly. People got effed hard. Many never recovered. And Karl can blame them for greed, but EVERYONE has their money socked in 401ks. How well they manage them, anybody's guess.
That nuts and jdawg disagree with me makes me more confident than ever imaginable in my prediction. LI has a severe debt crisis. Homes and 401ks drop, there will be blood.
I explained how I did it. Maybe you're the one with the poor reading comprehension.
If I didn't say it...then I didn't say it. You can't have it both ways with your circular logic and poor reading comprehension.
damn, a girl makes a mistake sometimes. Sheesh.
calm down. It must have been another poster.
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