The statistics about home prices are alarming ["Price tags for homes in fat lane," News, Aug. 19].
In Suffolk County, new buyers will spend 56 percent of their average wage on a median-priced home, nearly double what the Department of Housing and Urban Development recommends. Additionally, young adults have seen a 22 percent drop in wages since 1970, hindering their ability to achieve the upward mobility possible in their parents' generation. Long Island is not facing an affordability gap; it is facing an affordability crisis.
We need access to a potent tool if Long Island is to protect its future: a simple state designation recognizing the economic power of multifamily rentals.
It has long been established that Long Island is in dire need of more affordable rental housing. Its merits are self-evident. The availability of more multifamily rental housing prevents the loss of young people – the brain drain – whose exodus to other parts of our tri-state region and the country undermines the economy, the viability of local businesses and our very future. Without access to an educated, dynamic workforce, there read more ››
Local developers are calling for a change in how the state reviews housing projects that receive tax breaks from Industrial Development Agencies, saying the review criteria undermine the construction of affordable units.
The Association for a Better Long Island, which represents real estate developers, has requested that IDA-supported housing projects be judged on the number of units created, not the number of permanent jobs created and/or retained. The latter criteria have been used for years by state agencies to judge the effectiveness of IDAs.
The Babylon IDA is hosting a business financing panel discussion to inform Town of Babylon business owners of the various tools and programs available to help their businesses succeed and expand. With esteemed panelists ready to speak about their expertise and experiences, attendees will learn more about the financial programs made available to them and have an opportunity to ask questions.
WHERE - East Farmingdale Firehouse
930 Conklin Street, Farmingdale NY 11735
Town of Babylon IDA and Long Island Progressive Coalition Present:
ENSURING YOUR LEGACY SUCCESSION PLANNING AND WORKER OWNERSHIP
On Long Island 47% of small business owners will be retiring in the next ten years.
Only 10% of these businesses will be passed onto their family.
75% of business owners regret selling their business a year after the transfer occurs or worse the business closes.
JOIN US TO LEARN MORE: MONDAY JULY 23RD @ 6:30PM OLD BABYLON TOWN HALL 47 W MAIN ST, BABYLON, NY 11702 read more ››