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My friends tell me about how expensive LI is. I never lived there, just visited. When did it get expensive and why, and how does it become affordable again?
In addition to the portion of taxes that are for schools, the actual rates went WAY up in the early 2000’s.
Here’s what they were for a previous house and the annual increases. Note that for 2007, when the market was about to tank my taxes went up over 11%, a lot higher than inflation.
My friends tell me about how expensive LI is. I never lived there, just visited. When did it get expensive and why, and how does it become affordable again?
Here we go again! Bottom line, we all complain & we all stay. Lol
In addition to the portion of taxes that are for schools, the actual rates went WAY up in the early 2000’s.
Here’s what they were for a previous house and the annual increases. Note that for 2007, when the market was about to tank my taxes went up over 11%, a lot higher than inflation.
The 2% cap helps now, but unless they could put the genie back in the bottle and reduce taxes to 2000 levels it really won’t be “affordable”.
Fair enough numbers. A few asterisks. In 2001 moretgage rates were between 7 and 8% so there is a bit of a monthly nut wash there.
All of the tax increases were to pay deficits and meet contractual obligations. None of that has changed except top to bottom, MORE govt debt (plus consumer and corporate at levels never fathomed either). None of this has changed so taxes never go down. If not for the 2% cap, god only knows what would have happened during the last recession. That 11+% for years!!
The only solution is a con-con, which there are enough threads on already and was voted down. Can't win. If we open the constitution to address the contracts, everyone knows these clowns will just crowbar in other pork spending...and on and on.
Long Island was affordable when they were first building new homes for returning GIs after WWII. Little by little farmland became housing and there was little land left for development. By the late 60s, there wasn't too much "affordable" land left. Grumman was the major Long Island employer. In comparison with the rest of the US, Long Island hasn't had any "affordable" housing in 50 years. High taxes have compounded the problem. More demand than supply for the land.
LI's historic fear of "the city" is partly to blame. One party rule and high taxes were welcomed in the last century to keep out "undesirables." Residents were just afraid of people with accents and those who didn't look like them. This fear put Nassau in particular on the road to financial perdition. As for pointing fingers, you can blame pols like former NC exec Tom Gulotta and the GOP machine. Both designed contracts for short-term electoral gain, but they knew obligations would become crippling long after they left office. Give credit where it's due.
Now the city has become more desirable, Grumman is gone and LI is stuck with bloated contractual obligations which are set in stone. That sucking sound you hear is the movement of dollars from your wallet, homeowners. They made this problem permanent, on purpose, and there will be no tax relief unless you leave. You can thank Gulotta for giving LI the richest cops in the country.
I realize this may rankle a lot of people, but it's the LI I grew up with.
Status:
"Let this year be over..."
(set 22 days ago)
Location: Where my bills arrive
19,219 posts, read 17,091,524 times
Reputation: 15538
Quote:
Originally Posted by bingo3000
My friends tell me about how expensive LI is. I never lived there, just visited. When did it get expensive and why, and how does it become affordable again?
Burn it all to the ground and allow it to organically grow again, no one will ever give up equity, no school district will ever lower their tax rate, no municipality will ever say no to a union pay raise.
There is no option, Nuc it flat and start over...
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