Tag: affordable housing
The problem is that Long Island is cutting itself out of the job market, because our housing is so expensive. Neighboring suburbs in Westchester, southern Connecticut and northern New Jersey are attracting the businesses and jobs that should be coming here and should be providing employment for our children and growing our tax base.
Our young people continue to leave the region in droves, seeking cheaper places to live elsewhere. They are increasingly joined by their parents’ generation. The diaspora has begun to affect local businesses, which can’t find the workers they need to expand. That’s the makings of a very bad cycle.
More than ever, Long Island residents are struggling to pay for housing. Since 1980, the Island has lagged behind regional competitors like Northern New Jersey and the Hudson Valley in residential construction. With comparatively little new housing stock and variety, home prices and rents in Long Island have soared.
The Index’s recommendations depend on supply driven housing economics. But their consultants' analysis may not reflect the reality of Long Island’s suburban landscape, or what truly drives up housing costs here. Overall, the latest Long Island Index report repeats the same mantra that has been echoed from various conference rooms, board rooms, panels, and podiums at business breakfasts at the Crest Hollow Country Club and beyond: Build! Build! Build!
In the past two decades, construction has inched along, yet companies are still fleeing our region.
Other factors are the culprit for making the cost of living on the Island so high.