Hauppauge, NY – Today, Legislator Wayne R. Horsley, Chairman of the Economic Development Committee, responded to the 2008 Long Island Index report by calling on the New York State Senate to support the Long Island Workforce Housing Incentive Program (formerly the DiNapoli/Balboni Bill), and hosting the grass-roots organization Stay On Long Island to illustrate the affects of Long Island’s Next Generation Housing crisis.
“A troubling conclusion emerges from the 2008 Long Island Index; without significant action by government and private industry the suburban dream will die, and our young graduates will continue to evaporate from Long Island.” Horsley continued, “That is why I am calling on the Long Island Senate Delegation to step-forward and support the Workforce Housing Incentive Program1. This important measure can ill-afford to languish in committee, and our young graduates will no longer stand for inaction.”
Joining Legislator Horsley, Natalie Gaebelein, President of Stay On Long Island stated, “Hundreds of recent graduates, twenty-something’s, single-mothers, and retirees alike have contacted Stay On Long Island to express their frustration.” Natalie continued, “Over and over again they write of their love for Long Island, but all have grown tired of living in someone’s attic or a parent’s basement with no end in sight. Many are thirsty for change, for downtown living, and a Manhattan lifestyle. Above all else, all are seeking an affordable home to call their own.”
L.I. Workforce Housing Incentive Program
The Long Island Workforce Housing Incentive Program would require local government that approves a subdivision or site plan for five or more residential units to require the set aside of at least ten percent of such units for affordable workforce housing, or the payment of a fee to be used to provide affordable workforce housing.
2008 Long Island Index Housing Highlights
Homes Sale Prices: Median home prices have more than doubled in a six-year period, and homes that sold for less than $250,000 declined from 62% to less than 5% of the current market. At the same time homes selling for over $500,000 increased from a 10% market share to now encompass over 36% of the real estate market.
Median Rent: Since 2000 rents have increased by 39% Island-wide. Rent in Suffolk County alone has increased by 8.7% over the last year. Currently, only a scarce 23% of available rentals cost less than $1,000 a month.
Difficulty paying mortgage/rent by age group2
- 60% of 18-34 year olds find it “Very/Somewhat Difficult” to pay the rent
- 60% of 35-49 year olds find it “Very/Somewhat Difficult” to pay the rent
- 40% of 50-64 year olds find it “Very/Somewhat Difficult” to pay the rent
Home Affordability By Income3
- 95% of those making less than $35k say they cannot afford to buy a home
- 80% of those making $35k to $79k say they cannot afford to buy a home
- 80% of those making $80k to $119k say they cannot afford to buy a home
Horsley concluded, “What we are finding is that only those who make over $120k a year can afford to live on Long Island. Therefore, on behalf of those who seek the Long Island dream, a home of their own, I urge the New York State Long Island Senate delegation to consider supporting the Long Island Workforce Housing Incentive Program. Without swift and decisive government action the Long Island economy will continue to lose it’s most valuable asset; our skilled and educated workforce. ”
