Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
With the Putnam County real estate market Booming for the past 15 months, I am excited for what I predict the impact will be. With new inventory down nearly 15% year-to-date over last year, sales volume up 31% and the average sales price grew by more than 18% to a whopping $483,201 up from $409,017. With this kind of influx of new people, there has to be some changes coming down the line.
The most obvious tangible change is the diversity. With the well-attended Pride and Cultural festivals, and rallies of all sorts held recently, alone we also see a shift towards inclusivity to a broader range of cultures. Driving around, dining out, shopping etc., it is obvious there is a shift trending towards a much more diverse population growing here in Putnam County. Not only in culture but in financial class. With the substantial increase and values and with many also buying second homes. Putnam is now home to some higher net worth people. As local journalist Doug Cunningham put it, “People buying half million-dollar houses are going to be solid contributors to the local economy. They will need services and carpet and paint and lawn care. We can find a way to meet their needs—or our competitor will.”
Change is a wonderful opportunity for all.
So how does diversity impact the Main Street community? Well, for one there is potential for a more diverse workforce. A diverse workforce could broaden and improve customer experiences. Businesses and Realtors too should really be adjusting to who may be your new target consumer. Diversity in the workplace could bring in new markets to your business. You could potentially be serving people you don’t understand, you don’t interact with regularly and diverse hiring can help attract the new potential markets to you. As well as maintain relationships
Only upside and no down side exists in new opportunities, if you know how to find it. Sometimes a change in perspective is needed. Having a diverse workforce for a potentially more diverse consumer is the sure way to ensure you are capturing all your potential markets.
Having a diverse workplace allows organizations to more effectively market, serve and communicate to consumer groups from different cultures, races and religious backgrounds, which in turn may lead to increased sales and profits and again, allow access to a more diverse market.
There are so many reasons we can come up with on why diversity is a wonderful thing, I figure just pointing out the potential for those in business is a really fine place to start.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
Traditional lenders often hesitate to finance such projects due to perceived risks or unfamiliarity with emerging technologies and practices.
This initiative aims to create housing opportunities without the high costs of land acquisition, utilizing properties that often enjoy central locations within communities.
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