In the first part of this two-part series (click here to read Part 1), the discussion revolved around the implications that school taxes are having on Long Islanders' ability to remain on Long Island.  This is a problem that effects current homeowners, and also makes it challenging for first-time homebuyers.  However, even if the school taxes are lowered by a significant margin, it still will leave many potential first-time homebuyers struggling to afford a home on Long Island. 

So what can be done to help out the person who grew up on Long Island, and would stay on Long Island if he or she thought that they eventually could afford to buy a home here?

The simple answer is workforce housing.  It's easy to discuss the need for workforce housing, but the actual building of workforce housing is a bit of a challenge.  However, progress is being made, and opportunities for young people just starting out may be coming sooner rather than later.

In the Town Of Islip, town planners are now reviewing plans for one particular development called Greenview Square.  If this development, and others like it are built, first-time homebuyers will have the chance to purchase true "starter" homes, and not just the lowest price homes that Long Island has to offer, which are still not affordable compared to other parts of the country.  The challenge here is that the proposed building site is currently zoned for industrial use, and would need to be rezoned as "residential redevelopment."

The same developer who is looking to build Greenview Square is also looking to do an overhaul on an existing community in Bay Shore called Fairwood Gardens.  This has been a work in progress, but at least progress is being made.  Four pre-existing, one-story apartments already exist on this three acre site.  To maximize the housing capabilities, two of these structures would need to be completely torn down, and the two remaining buildings would each need to be converted into two stories buildings, bringing the total square footage to nearly 50,000 square feet.  This complex would feature both one and two-bedroom rental units, ideal for those young professionals that are saving up for their first home.

Another large-scale development is being proposed at the former site of the Pilgrim State Psychiatric Center.  This has been a site that has been on the radar to be developed for years, but for one reason or another, very little progress has been made.  The proposed development is called Heartland Town Square, and has similarities to the proposed Greenview Square.  This development would focus on specific target markets:  young professionals, divorced / separated couples, and the fastest growing market in our society, the baby boomers.  It would feature nearly 10,000 one and two-bedroom rental apartments.  Interestingly, this proposed community would feature amenities that are usually reserved for higher end communities.

Other developments are being considered around Long Island as well, and it couldn't come at a better time.  As a relocation specialist, I am seeing many young people head south to places like the Carolinas, Virginia, Georgia and Florida.  Others are heading west to places like Arizona and Texas.  While a portion of these people would leave regardless of the housing prices and taxes because they just want a change, others are leaving because there are locations outside of Long Island that offer opportunities that just don't exist here currently.

Should the exodus of young Long Islanders continue, we would be facing a very realistic threat to our local economy because businesses would not be able to fill certain positions that are necessary for their survival.  The steps that are being taken to ensure that young people stay on Long Island are more important than many people realize.  In fact, the future of our local economy depends on these proposed changes.