According to a recent report from the Suffolk Research Service Inc., the Hamptons real estate industry took a dive in 2008. The number of homes sold in the East End decreased 31% compared to 2007 and the amount of cash spent on house sales went down my more than 36%.
Because so much of our local area's economy is tied to real estate, the negative consequences of riding a one-horse pony will be felt strongly here for years to come. Fact: The Hamptons real estate bubble has burst.
Rather than diversify our local economy to mitigate the downturn of any one sector, our corrupt and short-sighted politicians, who were bought and paid for by the construction and real estate special interests, put all of us at serious risk. Like the Bush Administration and its corporate masters, they should be jailed. Instead, we'll see them lounging at the beach this summer on your hard-earned tax dollars.
Next time you pay more in taxes for less services, remember the people who got us here. Remember the people who got rich, while regular working folks fall further and further behind. The one bright spot: maybe we'll finally get some affordable housing out of this mess. The only problem is you need a job to own a home.
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