Long Islanders Face Another Week Of Bad News For Their Finances

Blog May 4, 2023 By Admin

Long Islanders were hit with another barrage of financial challenges this week. Ranging from attacks on their income, to rising bills.


Even after the recent report highlighting NY as having the worst economic outlook in the nation, locals were dished out even more measures likely to worsen the economy this year.


This all comes at a highly stressful and emotional time of not even knowing if your bank is still going to be in business, and you’ll have access to your money or ability to get paid next week.


The New Fed Rate Hike

The Fed just hiked interest rates yet again. A spree they have been on to effectively create more unemployment and distress in the economy. Which will also cool property values and reduce the value of retirement accounts. Which in turn, may eventually result in cooling inflation. Though only after spiking it to the extent it bankrupts many first.


It’s worth noting that this is the highest rates have been since August 2007, right before the same actions caused the Great Recession.


Energy Rate Hikes

This week NY customers also got the news that they could be getting hit with an energy bill hike of 17%. That follows the recent proposal to hit local renters in rent controlled units with a historic rent hike of almost 17% as well.


This is on top of attempts to ban gas stoves and limits air conditioning ahead of summer.


Jail Time For Renting Out Your Place On Airbnb

One Suffolk County town has gone so far in trying to prevent property owners from gaining income from their properties as to pose up to $6,000 in fines and even jail time.


All while unemployment among top earners has soared by 500%, and lower income earners appear to be the next to face mass layoffs.


Your Property Taxes

Property taxes aren’t getting any cheaper either. There is now even a proposed tax map verification fee of $355.


Fortunately, while you can’t do much more to drive down you mortgage interest rate or utility bills, you can get help challenging and reducing your annual property tax bill.


Get in touch with us today to find out how much less you could be paying…