Columns

Pixabay photo

By Michael E. Russell

Michael E. Russell

What a week!  Monday the Dow rose 765 points.  Tuesday the Dow rose 826 points.  Wednesday the Dow lost 40 points, a well-deserved rest. Back to the new reality.  Thursday the Dow dropped 347 points followed by a loss of 630 points on Friday. Still, a gain of 1.5% for the week. 

Is the market building a base at these levels? Were the gains of the past week what we used to call a “dead cat bounce” in a Bear market?  Really hard to say.

Earnings are starting to weaken while consumer debt increases. An example of the cost of debt this year is as follows: Let us say that a family wishes to purchase a home while secured a $480,000 mortgage. Last year the cost would have been $2023 per month with an interest rate of 3%. That same mortgage presently would cost $3097 per month with a rate of 6.7%. Over a 30-year period you would pay an additional $385,000 in interest. These increases are taking a substantial portion of the middle class out of the real estate market. This is only one segment of a problematic economy.

Expectations of how many more rate increases the Federal Reserve will make is a big part of what is driving the price action in the stock market. The present administration is having a problem with conditions overseas.  President Biden just met with the Crown Prince of Saudi Arabia. It was hoped that this meeting would lead to a production increase of 2 million barrels of oil per day.  

Guess what? Upon Biden’s return, the Saudi’s announced a decrease of the same 2 million barrels per day. Productive meeting! On top of this, the President stated that we are facing a “potential nuclear Armageddon” the likes of which have not been seen since the Cuban Missile Crisis that President Kennedy faced in 1962. Nice thought to go to sleep with!!

Time to ease up a bit. The Federal Reserve cannot start cutting rates until the Consumer Price Index drops in half from its current level of 8.3%. In the meantime, investors should be taking advantage of U.S. Treasury yields. The 30-year bond is yielding 3.6% while the one- and two-year notes are yielding in excess of 4.1%. This is called an inverse yield curve.  4.1% for one year sure beats the 0.001% the banks are paying. Not very neighborly!  

We may be getting close to a market bottom plus or minus 10%. Many financial “gurus” are suggesting a large cash position in investor portfolios. Brilliant! This after a decline of over 30% in the market. Where were these people in January and February?  

Is crypto currency a viable investment now?  Bitcoin was supposed to be an inflation fighter. However, the worst inflation since the early 1970s has coincided with a 60% drop in Bitcoin’s price over the past year. It was also stated that Bitcoin is “digital gold.” Not proven true. Gold itself has outperformed Bitcoin, losing just 6% of its value. 

Ethereum, which is the second largest blockchain, has had a major upgrade which may fuel money going into crypto. Readers need to do their own research pertaining to crypto. My last thought on this topic: crypto strategist Alkesh Shah of Bank of America still feels that bitcoin and other cryptos are still viable long-term investments. As an aside, I really don’t have a long-term horizon. 

On a pleasant note, my wife and I just returned from Scotland where we visited our granddaughter at the University of St. Andrew, an incredible experience.

The economy there is booming. We did not see vacant store fronts. Much pride was shown in their communities; cleanliness and politeness were everywhere. I was very interested in the opinion of the Scots vis a vis the vote to break from the UK. 

I will breakdown opinions in three groups. The youth have little interest in the monarchy, the senior citizens still admire the monarchy due to their memories of WWII. The 40–60-year age group I found most interesting, although my questions were asked at a single malt scotch distillery. The point was made that Scotland is a land of 5.5 million, like Norway and Sweden. The British Pound is in free fall, which is threatening government and corporate pensions. The Scots are upset over Brexit. They wished to stay within the European Union. 

As we get closer to Thanksgiving, let us hope that the Russian people put pressure on Putin to leave office or better yet, the planet. Best regards to all and enjoy this beautiful Fall season. 

Michael E. Russell retired after 40 years working for various Wall Street firms. All recommendations being made here are not guaranteed and may incur a loss of principal. The opinions and investment recommendations expressed in the column are the author’s own. TBR News Media does not endorse any specific investment advice and urges investors to consult with their financial advisor. 

Image from Michael Ardolino

By Michael Ardolino

Michael Ardolino

The market is shifting; sellers and buyers will still see home price appreciation and gains in their equity.

How does the shift affect home prices?

Demand remains higher than supply, so home prices are appreciating, and sellers will still get a good amount of offers even if it takes a bit longer. In Suffolk County, houses appreciated nearly 10% and higher since last year and more than 50% got over the asking price. Sellers are still making a significant profit.

The steep incline of market values and buyer rush is now pacing itself and most experts predict the appreciation will continue. David Ramsey, a personal finance personality, says, “The root issue of what drives house prices almost always is supply and demand…” and we couldn’t agree more. When priced correctly, houses are still selling at record-high prices and low days on the market.

Certainty of equity

One certainty in a time of uncertainty, mixed news, and mixed predictions, is the value of equity in real estate. According to CoreLogic’s 2022 Q2 Home Equity Report, “the total average equity per borrower has now reached almost $300,000, the highest in the data series.” 

The year-over-year equity percentage for U.S. homeowners with a mortgage has increased 27.8%; this is a $60.2K average equity gain.

Selma Hepp, interim lead of the Office of the Chief Economist, CoreLogic, stated “For many households, home equity is the only source of wealth creation. As a result, recent record gains in equity and record declines in loan-to-value ratios will provide many owners with a financial buffer in case economic conditions worsen. In addition, record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”

Equity builds long-term wealth gain for homeowners, and should you want access to additional funds, you can always rely on the equity you’ve grown. In times of financial uncertainty, follow the certain.

The shining star

Sellers, as your home value has appreciated considerably, tap into the profit from your equity and take advantage of the current market conditions. Timing is everything and ask your local real estate professional to help you research the area you’re looking to move. Your real estate agent can also help you connect with a professional in that location with expertise in their market conditions.

Homebuyers are future sellers, and they can feel confident to invest in a home now and build their own equity knowing price appreciation is forecasted. When a homebuyer becomes a seller, they’ve already paid off some of their mortgage and can take advantage of the real estate market at the time and come out with a significant profit themselves.

Takeaway 

So, the shining star of the market is demand still predominates supply. Home price appreciation is still forecasted, and equity gains are at record-highs. A market shift can be easily navigable with the help of a real estate professional.  So … let’s talk.

Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.

Wizzie

Welcome to the tenth edition of Paw Prints, a monthly column for animal lovers dedicated to helping shelter pets find their furever home!

 

Hollie

 

Meet Hollie – UPDATE: HOLLIE HAS BEEN ADOPTED!

This beautiful and affectionate 10-year-old girl arrived at the Smithtown Animal Shelter as a stray. She had suffered long term bilateral ear infections that caused her heavy scarring of her outer ears, severe thickening of her ear canals, hearing loss and incredible pain. The hard decision was made to remove both of her ears to let her know a pain free existence. Hollie went through the first surgery like a champ, never stopping her undying affection for everyone. She will have her second surgery shortly, and then will be ready for her home. She is social with other cats and all people. As a result of the surgery, Hollie may temporarily or permanently lose her ability to blink one or both eyes (only time will tell), so a potential home will have to be able to lubricate her eyes several times a day for her.  631-360-7575

Lucy

Meet Lucy

Currently at the Brookaven Animal Shelter, this spunky girl is looking for a second chance. Lucy has been at the shelter multiple times in the past few years. Her owner decided not to pick her up this time. Lucy is a sweet girl who really just wants to be with you at your side and enjoy all that life has to offer. At seven years young and a petit 37 pounds, she is playful, energetic and outgoing, knows how to sit and is very treat motivated. Lucy has done well with dogs at the shelter and is completely uninterested in cats. She would do best with children over 12 years old. 631-631-451-6950.

Wizzie

Meet Wizzie

Wizzie is a handsome 5-year-old male at Kent Animal Shelter in Calverton who loves back scratches but can be a little shy at times. Don’t let that stop you from adopting him; once he’s settled in a home he will come out of his shell. This shelter life is just not for him! Come meet him today! 631-727-5731, ext. 1

Kuno

Meet Kuno

Strike a pose! This sweet two-year-old Chesapeake Bay Retriever/Doberman Pinscher mix was rescued from a high-kill shelter in Georgia and is now safe at Kent Animal Shelter in Calverton. Kuno is a well mannered and very handsome boy who loves the camera. Come meet him today! 631-727-5731, ext. 1

Meet Charm

Just look at that face! This lovely senior is Charm, currently up for adoption at Little Shelter in Huntington. Charm loves to be pet and will meow at you until you give her some attention and much needed love. She is also a very good eater; she loves her wet food and treats. So if you’re looking for a cat who’s a little older and just wants to be loved then Charm is your girl. 631-368-8770, ext. 36

Clark

Meet Clark

The cool kid on the block, meet Clark, a six-year-old Terrier mix waiting at Little Shelter in Huntington for his furever home. Though having little opportunity for socialization in his previous environment, he displays an innate sense of confidence and an outgoing personality, clearly pronouncing himself ready for adoption! This clever fellow knows how to win friends, influence people, and make himself indispensable! Once you meet him, you’ll be bowled over by his enthusiasm for life and his capacity to love. 631-368-8770, ext. 21

Check out the next Paw Prints in the issue of Nov. 10.

Paw Prints is generously sponsored by Mark T. Freeley, Esq.

 

Photo from Unsplash

By Matthew Kearns, DVM

Dr. Matthew Kearns

As Halloween approaches, we usually worry about chocolate toxicity, but let’s not forget about grape and raisin toxicity. Grapes and their dehydrated form, raisins, have been implicated in kidney damage (sometimes severe irreversible damage). There is also still debate as to how many grapes or raisins are toxic to pets. Let’s take a closer look at grape and raisin toxicity to see if we can shed some light on what we do know about this nebulous topic.   

Unfortunately, the exact toxic substance to dogs in grapes and raisins is still not completely known and neither the color of the grape, nor seeded versus seedless makes a difference. However, although this has not been completely verified, there has been somewhat of a breakthrough recently. 

A compound in grapes called tartaric acid has been speculated as the toxic culprit. Previously, experts felt that high concentration of a type of sugar component called monosaccharides was to blame, whereas others blamed a compound called tannins. Additional theories do not implicate anything in the grape itself, but rather the growth of certain fungi on the grape and toxins produced called aflatoxins, or pesticides sprayed on grapes.  

The toxic dose or quantity of grapes and raisins is also up for debate. There does seem to be a genetic component associated with which individual dogs are more sensitive grapes or raisins. An article published in 2009 reviewed the charts of almost 200 dogs over a 13-year period. The study found some dogs ate over two pounds of raisins without developing any signs of poisoning, whereas others developed irreversible kidney failure with as little as three grams of grapes or raisins. 

Just to give you some perspective as to what three grams is: your average grape weighs 5 grams, and a raisin weighs about 0.5 grams. As little as one grape or six raisins could be toxic to your dog. However, some dogs will not get sick, or require large amounts of grapes/raisins before any damage is done. A good rule of thumb is 1 grape/raisin per 10 pounds should be a concern.

There is no antidote once the patient starts showing symptoms so this is truly an example of, “an ounce of prevention is worth a pound of cure”. Symptoms of toxicity include lethargy, loss of appetite, vomiting, and increase in thirst/urination. These patients were less likely to make a full recovery. Some were euthanized before discharge. The patients that did better in the same 2009 study were those in which the owners witnessed the ingestion and brought to a veterinary clinic immediately where veterinarians were able to induce emesis (force vomiting) and give activated charcoal ASAP. 

In conclusion, although veterinarians are closer to determining the toxic component (tartaric acid), we are not sure why some dogs are more sensitive than others and what is a toxic dose. Therefore, keep grapes and raisins away from your dog when possible and, if you witness your dog eating grapes or raisins, bring him or her immediately to your veterinarian’s office or an emergency clinic for treatment.  

Dr. Kearns practices veterinary medicine from his Port Jefferson office and is pictured with his son Matthew and his dog Jasmine.

Metro photo

By Daniel Dunaief

Daniel Dunaief

I have never been as happy to hear a Madonna song as I was this weekend.

Let me back up. My family and I attended our second familial wedding of the last three months. This one was a destination wedding in Ithaca, New York.

Stepping out of the rental car at the hotel on campus, I realized I wasn’t in Kansas anymore, as shorts, a T-shirt and a sweatshirt weren’t sufficient for the cooler upstate air.

In the hours before the ceremony on Saturday, my son, brother-in-law, his grown sons and I threw a tiny gift shop Nerf ball around on the baseball field, while surrounded by a visual collage of multi-colored foliage. That tiny football was probably the best $7.50 I’ve ever spent at a wedding.

With the wedding in the hotel, we only had to push an elevator button to get to the correct floor.

The bride and groom exchanged vows that they hadn’t previously shared with each other. Not too surprisingly after dating for close to a decade, the vows included many of the same references to things they each enjoyed about their time together, including dancing in the kitchen while making dinners, watching TV shows together during college, and running to the clock tower and back.

During the cocktail hour, I excused myself from my social circle to go to the bathroom, where I overheard the first of two unusual restroom conversations. The groom and his young cousin were chatting.

“You know the secret to a successful marriage?” the young man asked, eager to share the accelerated wisdom he’d accrued during his short life.

“What’s that?” the groom asked gamely.

“Separate vacations,” the sage young man suggested.

“Hmm, well,” the groom continued, “thanks so much for coming. I appreciate it.”

“My mom said my grandparents would have wanted us to come, so we came,” the unfiltered young man added.

Fortunately, neither of them could hear me inhale sharply.

Listening to the toasts and comments from the parents of the bride and groom, each side seemed to think the new member of the family would help soothe their partner. Perhaps, that says something about the way the bride and groom interact with their parents?

After dinner and before the music started, I returned to the restroom. This time, a man was standing at the sink, washing his hands.

“Out of respect for the gentleman who just walked in, I’m going to end our conversation about poop,” he said to a friend in the stall.

“Oh, uh, I’ll be leaving soon,” I offered, not wanting to interrupt.

“It’s okay,” he added. “We were done.”

Returning to the ballroom, I raced to the dance floor once the music started. My wife, children and I love to dance, with each of us smiling and shimmying as we jump, sway and sing the lyrics of the music. Somehow, our daughter knows the words to just about every song at most of these events, singing and shouting them to her cousin’s girlfriend, who has the same encyclopedic knowledge of modern music. I chime in with the chorus, while our son glides around, often with his arms in the air.

And here’s where Madonna came in. After bending my knees and swaying to numerous rap songs I had never heard before, I was thrilled to hear the familiar intro to a Madonna hit.

Buoyed by throwback sounds from an earlier decade, I threw myself around the floor, crooning for all I was worth.

When the rap songs returned, I scanned the floor and saw the bride, groom and their friends sharing their euphoria for the moment and for their familiar music. While Frank Sinatra never made an appearance, the happy couple were clearly doing it their way.

Stock photo

By Leah S. Dunaief

Leah Dunaief

This message is for older people who are reading this column and may get COVID-19. The information may save your life. It may have saved mine.

Especially for older people, COVID is a deadly virus. What defines older? Let’s say, beyond 50. Now there is a medicine that dramatically reduces severity and possible death from this virus, but many Americans are not taking it. Its name is Paxlovid.

“Never really in recent history for a respiratory virus can I think of an anti-viral medication being as effective, demonstrated in scientific literature, as what Paxlovid has shown,” stated Dr. Rebecca Wang, an infectious disease specialist at Dartmouth Hitchcock Medical Center, when interviewed by The New York Times.

Both random trials and data from electronic health records have shown this medicine to be effective, particularly among older patients. The medicine works by inhibiting the virus’s replication once it invades the body. Its underuse is already associated with thousands of preventable deaths, according to Dr. Robert Wachter, chair of the medicine department at the University of California, San Francisco.

“A large chunk of deaths are preventable right now with Paxlovid alone,” Dr. Ashish Jha, the White House COVID response coordinator told David Leonhardt of The New York Times. He predicted that if every American 50 and above with COVID received a course of either Paxlovid or monoclonal antibodies, daily deaths might fall to about 50 per day, from about 400 per day.

So why aren’t people taking the medicine?

For one reason, Paxlovid, which is taken twice a day for five days, does leave a metallic taste in the mouth. So I found that by eating half a banana after each dose, I got rid of the unwelcome taste. I also got the benefit of a banana a day, which is a healthy and nutritious fruit containing fiber and some essential vitamins and minerals.

Another possible reason is the association of Paxlovid with “rebound,” a second session of the disease which can occur a week to a month after the end of the first round. Experts don’t know what causes the rebound. A rebound is possible even if the patient never used Paxlovid. And even if he or she did, perhaps a longer duration of the drug is necessary for some patients than the five days currently administered.

Research has shown that out of sample of 568,000 patients, 0.016% over 50 who used Paxlovid died. For a similar cohort of patients who did not use the drug, the death rate was four times higher or 0.070. But only 25% of patients eligible to receive the drug actually took it, even though it is available and free.

Thanks to my son, Daniel Dunaief, who has spoken with two infectious disease experts, we also have some local reaction to the drug. Dr. Andrew Handel, pediatric infectious disease physician at Stony Brook Children’s Hospital, commented, “Hesitancy to take Paxlovid seems to fall in line with the general ‘COVID fatigue.’  COVID is clearly less lethal now than during prior surges, thanks in large part to vaccinations, but it still causes some hospitalizations. Those at highest risk of severe disease, particularly those who are unvaccinated, benefit from antiviral treatment if they are infected.”

Dr. David Galinkin, infectious disease expert at St. Charles Hospital, said, “The media has overblown this rebound experience. In the literature, about 10% of cases [have a rebound.] Like any other medication, people that could really benefit from Paxlovid [should consider it.] … We are still seeing people dying from this.”

Perhaps more doctors could be better informed about this drug. Additional information and encouragement are needed from the White House, and a lot more public announcements should be placed in the media to reach people. As has been the case throughout these last two-and-one-half COVID years, instructions have been changing, adjusted as the scientific and medical professions learn more about this pathogen. Proper treatment is still a work in progress.

Nuclear power. Pixabay photo

The nuclear industry will see major growth thanks to the recently passed Inflation Reduction Act, and Long Island communities must again resist calls to go nuclear.

Among other incentives, the new federal law gives tax credits to utility companies that invest in new nuclear plants. While this may benefit other places around the country, such as West Virginia’s coal economy, it will do no good for Long Island.

The decommissioned Shoreham Nuclear Power Plant, still standing today, is a living relic of Long Island’s long-standing opposition to nuclear power. At the time of its construction, the plant saw intense local resistance for various reasons. 

While efforts to oppose Shoreham proved successful, we know that bad ideas die hard. While nuclear energy sees a renaissance nationwide, let us remember why we are a nuclear-free zone.

Anyone driving on the LIE at rush hour understands the glaring logistical hurdles of evacuating Long Island during a potential nuclear meltdown. It can take hours to get off the Island on any given day of the week. Our mass transit network is outdated and already incapable of supporting this overdeveloped and highly congested regional economy. 

In an age of more frequent and intense hurricanes, a nuclear meltdown appears ever more plausible. Swift and successful evacuation seems unlikely, if not impossible. For these reasons, adding nuclear infrastructure would be an existential threat to the health and safety of Long Island residents. 

Properly treating and disposing of radioactive material remains an unsettled science. Ridding ourselves of this toxic waste would put a greater strain on our already cluttered roads, highways, tunnels and bridges, further complicating evacuation efforts.

Finally, while we acknowledge that nuclear energy vastly outperforms wind and solar technologies, we should continue exploring these cleaner, safer alternatives. We should limit our carbon footprint and reduce fossil fuel consumption where possible, but we should do so responsibly. Reintroducing nuclear power to Long Island merely swaps one environmental hazard for another, endangering our citizens needlessly.

The apparent ties between our electric service provider and the nuclear industry should give Long Islanders unease, especially since the Long Island Power Authority maintains an 18% stake in the Oswego-based Nine Mile Point Nuclear Station. 

History tells us that powerful and monied interests may try to score a quick profit, even at the expense of ordinary folk. In time, some here on Long Island may seek to use the newly available nuclear energy subsidies. We must not let them. 

Long Island has never been — and never will be — a safe venue for nuclear energy. We must remember the example of Shoreham, how generations of Long Islanders have fought to keep our island nuclear free. Let us continue their work.

Setauket Clam Chowder. METRO photo

By Barbara Beltrami

Dear Reader, I’m sorry to say that this is my last Cooking Cove column. Sharing my recipes and anecdotes with you and getting your enthusiastic positive feedback has made these past six years a labor of love. I will be continuing to write a cooking column independently and hope that you will join me by sending your name and email address to me at [email protected] so we can keep cooking together.  Meanwhile it’s only fitting and proper that I share my recipes for a few of my favorite things for a farewell dinner.

Champagne Cocktail

YIELD: Makes 2 cocktails

INGREDIENTS: 

12 ounces Champagne or Prosecco

2 sugar cubes

10 dashes Angostura bitters

2 long thin curly lemon peels

DIRECTIONS:

Chill the champagne or Prosecco thoroughly. Place sugar cubes in glasses, add the bitters to the sugar cubes, drop in the lemon peel, then pour champagne. Serve immediately with fresh oysters, smoked salmon or caviar.

Setauket Clam Chowder

YIELD: Makes 8 to 10 servings

INGREDIENTS: 

2 dozen cherrystone clams, scrubbed, purged

4 ounces unsalted butter

1 leek, light green and white part only, washed and thinly sliced

3 potatoes, peeled and sliced thin

1/2 cup dry white wine

Large sprig fresh thyme

1 bay leaf

2 cups half and half

Freshly ground black pepper to taste

1/3 cup chopped Italian flat leaf parsley

DIRECTIONS:

Place clams in a large pot and add one quart water. Cover and cook over medium-high heat about 10 to 15 minutes, until clams open. Discard any that don’t open after 15 minutes. Remove clams from liquid and set aside to cool. Strain broth through a sieve or strainer lined with paper towels or cheesecloth; set that aside too. Rinse out pot, dry, then over medium heat melt butter, add leeks and, stirring frequently, cook until they are softened but not browned, 5 to 10 minutes. 

Stir in potatoes and wine and continue cooking until potatoes start to soften and wine is evaporated, 5 to 10 minutes. Add enough clam broth to cover potatoes, plus thyme and bay leaf; partially cover and simmer until potatoes are tender, about 10 to 12 minutes. Meanwhile, remove clams from shells and dice; add them along with the half and half and ground pepper to the pot, bring back to a simmer but do not boil. Stir in parsley, ladle into bowls and serve hot with oyster crackers and corn on the cob.

Sage-Stuffed Roast Chicken

YIELD: Makes 8 servings

INGREDIENTS: 

One 5-pound organic roasting chicken

Coarse salt and freshly ground pepper to taste

1 large bunch sage

1 lemon, halved and seeded

1 head garlic, halved horizontally

1/4 cup unsalted butter

2 large onions, coarsely chopped

4-6 carrots, sliced diagonally into chunks

15-18 small sprigs sage

1/4 cup olive oil

DIRECTIONS:

Preheat oven to 425 F. Remove giblets, neck and excess fat from chicken; rinse inside and outside under cold water and pat dry. Generously salt and pepper chicken cavity, then stuff cavity with large sprig of sage, lemon and garlic. Tie legs together with kitchen twine and tuck wing tips under the chicken. 

In a large bowl toss the onions and carrots with the small sage sprigs and olive oil and salt and pepper. Spread mixture on bottom of shallow roasting pan, then place chicken over them. Roast for an hour and a half, until a cut between thigh and leg yields clear juices; remove from oven and let rest about 15 minutes, then slice and serve with onions and carrots any liquid from pan spooned on top. Serve warm with roasted potatoes and a green vegetable such as Brussels sprouts or broccoli.

Photo by Gerard Romano

By Nancy Marr

The $4.2 billion Clean Water, Clean Air, and Green Job Bond Act proposition on our ballot in 2022 will allow our state to undertake vital and urgent environmental improvement projects via issuing bonds; not a tax increase.

Long Island’s waterways are impaired by failing sewage and septic systems, and algae and nitrogen pollution impacts our sole-source aquifer system which provides drinking water to three million state residents. We need to find a way to conserve open space to benefit wildlife habitats, food production, and outdoor recreation. Many marginalized communities are harmed by pollution and have no access to open space, clean air and water.

There have been eleven environmental bond acts passed since the early 20th century. The conservation movement of the late 19th and early 20th centuries was a response to vast deforestation, natural resource depletion and industrialization. The “forever wild” clause was added to the New York State Constitution in 1894 to enshrine the protection of lands in the Adirondacks and Catskills. 

In 1910 voters passed a bond act for $2.5 million, in 1916, for $10 million, and in 1924, for $15 million, all for the purposes of land acquisition and the establishment of parks. The 1965 Bond Act funded infrastructure to limit the flow of wastewater from untreated sewage overflows. In the 1970’s and 80’s, attention was galvanized by the problems with Love Canal, near Niagara Falls, the site of thousands of tons of toxic waste from the Hooker Chemical Company, which led policymakers in the US to establish hazardous waste regulatory systems.  The majority of the funding from the Environmental Quality Bond Act of 1986 went to manage hazardous waste in sites under the State Superfund program which had been established in 1979. The Clean Water/Clean Air Bond Act of 1996 allocated the bulk of its $1.75 billion to safe drinking water and treatment of solid waste. 

The infrastructure in New York City, which supplied water to approximately 40 percent of NYS’s population, had already exceeded its life span by 2008 when the NYS Department of Health estimated that $38.7 billion would be needed over the next twenty years for drinking water infrastructure. The Legislature responded with an initial allocation in 2017 of $2.5 billion. In 2019 it passed the Climate Leadership and Community Protection Act, which established clear statewide goals for emissions reduction and clear energy. 

Governor Hochul’s budget released the Clean Water, Clean Air, and Green Jobs Environmental Act of 2022. The final version, $4.2 billion, makes climate change its largest category of funding and designates that a portion of the total funding must be allocated to disadvantaged communities that bear a disproportionate share of negative environmental consequences. The 2022 Bond Act includes:

Climate Change Mitigation (includes money for electrifying school buses) — $1.5 billion: Will fund projects that expand clean energy infrastructure, increase energy efficiency, reduce green gas emissions, and protect air and water quality to help fight and mitigate climate change. 

Restoration and Flood Risk Reduction — $1.1 billion: Damage caused by severe storms and flooding is projected to cost over $50 billion statewide. Funding would provide investments in NY’s natural and manufactured coastal resilience systems such as shoreline protection, wetland restoration, local waterfront revitalization, green infrastructure, and voluntary buyout programs.

Open Space Land Conservation and Recreation — $ 650 million: The Bond Act funding will expand open space conservation programs, promote outdoor recreation, protect natural resources, improve biodiversity, benefit threatened and endangered species and help farmers who are facing the challenges of climate change. Funding will invest in restoring and maintaining native fish populations and increasing public access to our waterways to support LI’s maritime culture. 

Water Quality Improvement and Resilient Infrastructure — $650 million: A long-term solution is needed to fund our backlog of water quality and infrastructure needs which continue to outpace available funding; the Bond Act will help fill the gaps in funding by investing at least $659 million in protecting water quality, spending 35% of the total in disadvantaged communities.

On Election Day 2022, remember to turn over your ballot and vote for the Environmental Bond Act proposition! 

Nancy Marr is Vice-President of the League of Women Voters of Suffolk County, a nonprofit nonpartisan organization that encourages the informed and active participation of citizens in government and influences public policy through education and advocacy. For more information, visit www.lwv-suffolkcounty.org or call 631-862-6860.