Wallet Watch newsletter: How far should lawmakers go to build more housing?
Making small talk on Long Island is easy. You might talk about the weather, or the new "Carrie" movie. You'll probably also complain about the price of gas and housing. Especially housing, if you or someone you know is in the market for a home or apartment.
On Long Island, many experts say that the shortage of affordable housing has reached a crisis pitch. Last month, the median sale price among single-family homes increased more than 2% in both counties from the year before — $860,000 in Nassau, $740,000 in Suffolk.
The question is: How far should our lawmakers go to address the problem?
Housing developments approved by Hempstead IDA since 2022. Sources: Hempstead IDA annual reports and disclosure documents
Jonathan LaMantia tackled this in his latest for Wallet Watch, examining a 428-unit luxury apartment complex that opened in West Hempstead this past summer. Town officials said the project would bring needed housing near the West Hempstead train station and the developers received more than $7 million in tax breaks from the Town of Hempstead Industrial Development Agency. But the development — where asking rent for a one-bedroom was around $3,450 — has no affordable housing.
The project is one of 11 market-rate buildings backed since 2022. Three among those projects have designated units as affordable housing.
The IDA-backed apartment complex highlights a critical debate. Industrial development agencies argue that financial assistance to developers can help address Long Island's housing crisis by bolstering supply, while critics question whether tax benefits should go toward for-profit builders of market-rate rentals.
What do you think? Share your thoughts with walletwatch@newsday.com. And read more of Jonathan's coverage here.
To our readers
How do you feel about the economy right now?
With Election Day approaching, affordability seems to be top of mind for voters tired of climbing prices these past years.
U.S. consumer confidence improved with the drop of gasoline prices between September and October, although economists say views continue to trend downward overall, with shoppers expressing concerns about higher costs.
On Long Island, inflation last month was up 4.5% from last year. On Wednesday, the average cost of gas was around $4.28 per gallon, nearly 20 cents cheaper than a month ago.
It's time for a check-in, readers. How do you feel about the economy right now? Email walletwatch@newsday.com or click here to share thoughts and questions.
And keep an eye out for coverage from our newest business reporter, Matt Hooke. He'll be establishing a consumer watchdog beat here at Newsday. He can be reached at matt.hooke@newsday.com.
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
