All Things Real Estate: Lack of housing in NYS can add to exodus

All Things Real Estate: Lack of housing in NYS can add to exodus

I have been reading all the comments by the political pundits and the public about accepting and not accepting or agreeing with Gov. KathyHochul’s proposal for 800,000 new units of housing that needs to be constructed over the next 10 years.  I believe in my professional opinion that the concept is exactly what is absolutely needed to keep our consumers, especially Millennials, GenZs, and all others from exiting New York State.

However, the proposal was way too authoritarian to exact an executive order to usurp all local zoning rules, regulations, and laws, which I believe is absolutely the wrong method and solution to pursue in solving our lack of housing.

We have been losing population for the last 10 years (180,000-plus just in 2022) even though former Gov. Cuomo’s idea of trying to attract outside businesses and their employees to relocate to New York State with no taxes for 10 years via his multimillion-dollar expenditures on commercials to me was a total failure and a waste, as usual,of taxpayer dollars. We surely need to keep people from moving out of New York State, but the question arises how do we do it?

We absolutely need much more housing.  But most important, it has to be at a reasonable or below-market cost so families and singles can survive, not live paycheck to paycheck, but in a fashion that allows them to save some money for when and if they are able to finally retire or at least work fewer hours.  Our state and federal government will need to be involved in assisting builders financially and in utilizing underused buildings in Nassau, Suffolk, the five boroughs and as far upstate as necessary and required.

There is land in many areas of Long Island, especially in Suffolk, that is in a “Land Trust.”  I agree with inventorying and saving land for non-development.  However, there needs to be a better balance between its usage and saving our environment and at the same time keeping more of our important and most critical resource, our precious “water” supply, and our “people,” from leaving our state.

But in reality, a very critical resource that we are not addressing as truly crucial is our natural water source from our deep underground aquifers in Long Island (compared to the state reservoirs that get replenished the majority of the time with rainfall) as our only source of potable water and the declining amounts and availability over the next 50 years when considering new construction and its impact for our future.

Although the construction of new housing is extremely necessary, we are at a tipping point of balancing our specific human needs and wants with our eco-system and environment and with the massive amounts of water that we will need going forward when additional units of housing are completed.  I see the need.  However, much more careful strategizing and planning are tantamount to determining where the most advantageous and best locations are for new construction while at the same time balancing as many of the concerns of our public and our environment that can be addressed.

We will continue to have a severe need for employees to run and manage our businesses on Long Island and other places like Chicago, California and areas that had been greatly impacted by the Pandemic as people left largely populated cities for the “burbs.” Unfortunately, ChatGPT and other AI programs will actually eliminate blue-collar as well as white-collar jobs as we look into the future. ChatGPT took the law boards and scored a 97, so lawyers have a lot of concerns as many may not have a position in the future.

Insurance Brokers will also need to worry as AI will answer every possible question that  the consumer might ask so the Major Insurance companies will eliminate their ancillary offices.  However, I don’t believe real estate Brokers and agents will have to worry as much as we are still an integral and critical component of showing, advising, and consulting our client sellers, investors, purchasers, renters, and lessees of residential and commercial property.

We must find ways to keep our families and people in place and more housing is one of the answers besides greater and more focused targeted education opportunities for higher-paying positions.  Moreover, reducing waste, the cost of our government, state income taxes and real estate taxes will lessen the impact of losing our “most valuable and hard to replace  “people resource”  to lower-cost states without state income taxes and lower costs of living.

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Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck.  He has 40 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S) as well as the new “Green Industry” Certification for eco-friendly construction and upgrades.  For a “FREE” 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: [email protected] or via https://WWW.Li-RealEstate.Com  Just email or snail mail (regular mail) him with your ideas or suggestions on future columns with your name, email, and cell number and he will call or email you back.

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