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Interest rates Dec 2018 on a 30 yr fixed 4.83%. Dec 2019 3.75%
Dow Dec 18, worst in a decade, down 6.2%. Dec 2019 record highs.
Sadly, there is no fundamental basis for any of it except the Fed dumping liquidity into the markets at never before seen levels, pushing savings yields to near zero and keeping borrowing interest rates low. Play money. Free money. Someday, maybe we'll care about debt again...but apparently, not today. We should. No one is supporting this creaky raft but the Fed and that's NOT how capitalism is supposed to work. If it did, there should have been a tsunami of home purchases, but nope...ALL of the $ (newly printed DEBT) is being injected into the stock market and defense, two of the deep state's biggest hungry hungry hippos!
The annoying thing about supposedly "educated"Long Islanders is that they think the economy is "booming" whenever they have home equity and their 401k is up...like those things never tanked before, wiping out millions for CASUAL investors (ie the middle class). The second is this notion they are all rich. LI math: Since James Simons makes $2.5b and 10 LI'ers make $100k each, the average LI salary is $2.49b. Time to lease an Escalade!
Things could be better here, sure, but in the scheme of things it’s a pretty good place to live & grow up.
There are plenty of ppl who do commute daily east of Huntington. For those that don’t & choose to live further out, likely they already have a good job on LI, they dont need the city
I’m sure people do commute daily further east, but that means 2-3+ hours a day on a train. Very draining.
Aside from Broadridge Financial and Northwell I’m not aware of any large organization that would hire a lot of 6-figure people. I guess that means most work for smaller employers?
I’m sure people do commute daily further east, but that means 2-3+ hours a day on a train. Very draining.
Aside from Broadridge Financial and Northwell I’m not aware of any large organization that would hire a lot of 6-figure people. I guess that means most work for smaller employers?
I didn't read the article but EVERYONE says debt is no big deal. From the Fed to Trump to AOC. Out of money? Print more.
That’s not entirely true, a lot of GOP constantly crow about the debt, then promptly do nothing about it. AOC and a lot of the socialist wing believe in the “modern monetary theory” that debt is not a bad thing and you can keep piling it on to pay for whatever as long as inflation doesn’t get too high
If you think the tax increases are all for infrastructure improvements i have many bridges to sell you. Most are in disrepair. I think YOU are actually the one duped. These infrastructure projects will multiply when the expats get down there since they know how to float bonds up the yang and sell, sell, sell the people on the benefits of "park A, or swimming pool B, or lighted fields C." Soon enough you'll say, 'hmmm my taxes are going way up but traffic is awful, the schools are no better...but at least we have lighted ball fields." Meanwhile, county positions will suddenly have admins with the same last names (usuallly Italian, Irish or Jewish, go figure, lmfao), fees will jump across the board for everything and politcally appointed attorneys will ratify homeowner-killing public contracts for those cops, teachers, etc.
Sound familiar, LI?!
So, wait... your example is a $750k lakefront home in Coral Gables with $13k taxes?! What exactly is that comparable to on LI? What would taxes be for a $750k home "lakefront equivalent" in any good Nassau town? $20k - and I'm probably being conservative.
Looking at the FL tax assessment, that's what... a whopping 2% taxes? It's actually less because conservatively it will sell way over the tax assessed value.
So, your cherry picked example is completely failing your point because anyone on this board would love to have consistent less than 2% property taxes anywhere on LI.
Beyond that, my entire point was about "southern suburbs" in general... they will not get anywhere near the trainwreck of LI taxes.... so thanks for helping prove my point.
So, wait... your example is a $750k lakefront home in Coral Gables with $13k taxes?! What exactly is that comparable to on LI? What would taxes be for a $750k home "lakefront equivalent" in any good Nassau town? $20k - and I'm probably being conservative.
Looking at the FL tax assessment, that's what... a whopping 2% taxes? It's actually less because conservatively it will sell way over the tax assessed value.
So, your cherry picked example is completely failing your point because anyone on this board would love to have consistent less than 2% property taxes anywhere on LI.
Beyond that, my entire point was about "southern suburbs" in general... they will not get anywhere near the trainwreck of LI taxes.... so thanks for helping prove my point.
Lakefront means nothing in FL pretty much every decent development has man made lakes all over the place. Just like the example he gave above. The neighborhood I grew up in down there had at least 4 lakes.
No one is saying the taxes down there are the same as LI but the gap is shrinking and the property taxes on decent houses are more than people think.
I didn't read the article but EVERYONE says debt is no big deal. From the Fed to Trump to AOC. Out of money? Print more.
Quote:
Originally Posted by peconic117
That’s not entirely true, a lot of GOP constantly crow about the debt, then promptly do nothing about it. AOC and a lot of the socialist wing believe in the “modern monetary theory” that debt is not a bad thing and you can keep piling it on to pay for whatever as long as inflation doesn’t get too high
This is entirely true... the Fed is actively monetizing debt against everything they are supposed to be for - and completely against their charter. Stealth QE4, repo madness... it's completely out of control with all aspects of the government on board. If the current administration had his way, we would be seeing negative rates and it would be worse long term.
and the entire Socialism scare tactics are a joke... we socialize so much already and it's laughable. Agriculture is socialized at insane levels. We give corporations (highly profitable I might add) tons of taxpayer money and it just keeps getting worse... but yah, let's ignore all that and make fun of AOC because that makes sense.
Lakefront means nothing in FL pretty much every decent development has man made lakes all over the place. Just like the example he gave above. The neighborhood I grew up in down there had at least 4 lakes.
No one is saying the taxes down there are the same as LI but the gap is shrinking and the property taxes on decent houses are more than people think.
But, monster was saying exactly that... that it was at LI levels and rising.
It's disingenuous to say lakefront means "nothing"... it may mean little, sure - but that same house with it's backyard backed directly to a neighbor is not the same.
Even at that, I wasn't even trying to compare to "lakefront" on LI... I was saying any $750k home in Nassau will not have sub 2% property taxes. Not even close... and we both know LI is rising, so I don't know what scenario has Coral Gables "catching up and passing LI".
BTW - FL is a terrible example to represent "southern suburbs".
My point is that multiple large employers have been leaving or downsizing on LI. These workers were well paid but now have to look elsewhere.
If you’re in Garden City - commute to NYC. Easy call.
What if you were in Stony Brook and lost your job?
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