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Daily Mail
an hour ago
- Business
- Daily Mail
Fears of a US recession force ultra-wealthy to bail on rentals in popular summer hotspot
The rich aren't biting this year — sparking concerns about the state of the economy. The super-wealthy, who flock to the Hamptons every summer to live in the lap of luxury, aren't spending tens of thousands per month to do so anymore. A rental crisis has hit the Eastern end of Long Island, as mansion rentals are down 30 percent this year, according to CNBC. And the luxury rental market that is usually booked every summer doesn't show any signs of improving. New York City residents — who make up the majority of Hamptonites — will likely miss their infinity pools, tennis courts, and ocean views. For ultra high-end rentals, brokers say their business is down between 50 percent and 75 percent. While some people may simply be holding out for better deals, brokers say renters are concerned about economic instability. 'People are holding on to their money,' said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. 'They don't like uncertainty.' For example, one palatial seven-bedroom estate in Bridgehampton, which normally rents for $350,000 from July 20 through Labor Day, is still sitting empty, CNBC reported. Another 11,000-square-foot mansion in Bridgehampton has slashed its summer price tag from $450,000 to $375,000 in a desperate bid to lure renters. Experts say some would-be renters are simply holding out for last-minute bargains or have been turned off by the late season frost in the area. But brokers warn there's deeper trouble. Economic jitters, a turbulent stock market, and Donald Trump's tariffs are forcing wallets shut. The crisis marks a sharp reversal from January and February, when rental inquiries were flying in. But by spring — and with the arrival of tariff chaos — it was nothing but crickets. Luxury broker Gary DePersia of My Hampton Homes says what he's seeing is unprecedented, and that usually, the best homes go early. The super-wealthy who flock to the Hamptons every summer to live in the lap of luxury aren't spending tens of thousands per month to do so anymore 'This year, I have great rentals available in every town, from Southampton to Montauk,' he says. Some nervous landlords have started slashing prices by up to 20 percent. They're also offering concessions like shorter stays instead of full-summer commitments. Morabito warns that homeowners who rely on summer rentals in order to pay a year's long mortgage may now be rethinking their investments. He represents several homeowners with large waterfront properties that typically would have been rented by March or April, but that are still available. Despite the bad news, some brokers remain optimistic. Judi Desiderio of William Raveis Real Estate believes the combination of 'dark noise' out there financially and geopolitically, along with bad weather, was not good. But she thinks that last minute takers will show up and predicts everything will be gone by July 1. The rich and famous, like Christie Brinkley (pictured above), flock to Hamptons hot spots like Surf Lodge starting on Memorial Day weekend Meanwhile, the sales market in the Hamptons is also down by 12 percent. But, sales are still happening, despite the median home price hitting $2 million, a new record. One broker is closing on a big deal. 'I just had two Canadians put in a bid on an $18 million house — sight unseen,' Morabito said. Still, the rentals sit. 'I think a number of people have deferred decisions, or they weren't sure what they were going to do, go to Europe or the West Coast,' DePersia said. Famous residents of the Hamptons are heading to far more exclusive locales this year, too. Many celebrities and the super rich are instead making their way overseas. Jeff Lichtenstein, broker and CEO at Echo Fine Properties in Jupiter, Florida, told the Daily Mail that 'the uber-wealthy are changing it up this year,' adding that he's hearing about more people buying vacation residences in Portugal and heading to Spain on glamorous trips. These moneyed folks are visiting 'anywhere from Lagos to Carvoeiro overlooking the cliffs on the Atlantic to ultra new golf course communities within minutes of the Faro airport,' Lichtenstein said.
CBS News
4 hours ago
- General
- CBS News
Education secretary threatens DOJ investigation into Long Island school mascot ban
U.S. education secretary wants New York's Native American mascot ban withdrawn U.S. education secretary wants New York's Native American mascot ban withdrawn U.S. education secretary wants New York's Native American mascot ban withdrawn United States Education Secretary Linda McMahon spoke to the Massapequa School District on Friday as a school mascot ban battle continues. The Trump administration says the ban on Native American school mascots violates a civil rights law, discriminating against Native Americans and schools that want local choice. Education Secretary Linda McMahon wants Native American mascot ban withdrawn President Trump publicly expressed support for 13 districts on Long Island to retain their team names, mascots and logos after the state said it would withhold education funds from schools that haven't made changes by June. That includes the Massapequa High School Chiefs. "Ladies and gentlemen, this is not a First Amendment case. This is a Title VI civil rights case," McMahon said Friday. "I was absolutely asked by the president." McMahon said if the mascot ban is not withdrawn, she will launch an investigation with the Department of Justice. She is giving the state just weeks to comply. "We'd like to really settle this in a very amicable fashion with the resolution, but we're certainly prepared to go deeper if we must," McMahon said. "We don't want the Board of Regents and Governor Hochul dictating," Nassau County Executive Bruce Blakeman said. "We want the state to focus on education, not indoctrination." Members of the Native American Guardians Association (NAGA) flew in from North Dakota to show their support. "I like to consider this MAGA meets NAGA," one NAGA member said. Local tribal leaders voice opposition to use of Native American mascots Local Long Island tribal leaders from Shinnecock and Poospatuck-Unkechaug said they feel hurt by the North Dakota group. "They have no ties to the tribes in New York. Shinnecock does not support this," said Germaine Smith, with Shinnecock Indian Nation. "If you want to learn about the true history of the Native people here, talk to us," said Chief Harry Wallace, of the Unkechaug Indian Nation. A representative for Gov. Kathy Hochul responded, "While Secretary McMahon focuses on WWE-style distractions, Governor Hochul is focused on what matters: fully funding Long Island's public schools."
Fox News
6 hours ago
- Entertainment
- Fox News
Fox News True Crime Newsletter: Karen Read's defense debut, Super Bowl murder, Menendez trading cards
ON THE OFFENSIVE: Who to watch as Karen Read's defense steps up to plate – and it's not slugger Alan Jackson BEACH TRIP TERROR: 20 years after Natalee Holloway vanished, suspect's confession still leaves questions: PI REPEAT OFFENDER: Victims outraged after Ohio judge releases man charged in multiple Cleveland assaults HIDDEN ANSWERS: Body found in Long Island pool suspected to be fugitive wanted in father's killing: police BOURBON ST. HUSTLE: Louisiana police arrest third suspect in Super Bowl reporter Adan Manzano's hotel death 'DEVIL IN THE OZARKS': FBI offers $20K reward for capture of former Arkansas police chief on the run SIGN UP TO GET TRUE CRIME NEWSLETTER UNDER FIRE: Karen Read defense grills crash expert over $400K price tag and experimentation methods 'VERY BAD LOOK': Karen Read's SUV reached '74% throttle' moments before John O'Keefe's final movements, crash expert testifies NOTORIOUS CARD: Trading card featuring Menendez brothers after parents' murder becomes collector's item LIKE WHAT YOU'RE READING? FIND MORE ON THE TRUE CRIME HUB KILLER PILL: Tylenol murders suspect gave eerie final interview before death CAUGHT IN LIES: Woman who admitted to kidnapping hoax undergoes polygraph in explosive new tell-all BONE CHILLING: Indiana coroner reveals 'several tragedies' remain in Fox Hollow Farm serial killer case
Washington Post
11 hours ago
- General
- Washington Post
Trump's education secretary says NY discriminating against school with Native American chief mascot
MASSAPEQUA, N.Y. — New York is discriminating against a school district that is refusing a state order to get rid of its Native American chief mascot , President Donald Trump's top education official said Friday. U.S. Secretary of Education Linda McMahon said on a visit to Massapequa High School on Long Island that a weekslong investigation by her agency has determined that state education officials are violating federal civil rights law and could face a Justice Department investigation or risk losing federal funding.
Associated Press
11 hours ago
- General
- Associated Press
Trump's education secretary says NY discriminating against school with Native American chief mascot
MASSAPEQUA, N.Y. (AP) — New York is discriminating against a school district that is refusing a state order to get rid of its Native American chief mascot, President Donald Trump's top education official said Friday. U.S. Secretary of Education Linda McMahon said on a visit to Massapequa High School on Long Island that a weekslong investigation by her agency has determined that state education officials are violating federal civil rights law. McMahon didn't elaborate on the finding but said her department will be asking the state to voluntarily sign a resolution apologizing to Massapequa and allowing it and other districts in the state to continue using the mascot of their choosing. If the state refuses, the former longtime CEO of World Wrestling Entertainment said her department could turn the case over the Justice Department. 'That's how serious we are,' said McMahon, who made the announcement alongside local officials, students and community members in the high school gymnasium following a tour of the campus. Spokespersons for the state education department didn't immediately comment. Trump ordered the federal education department, which he has moved to dismantle, to launch an inquiry into the dispute last month. The move has made the coastal suburb an unlikely flashpoint in the enduring debate over the place of Indigenous imagery in American sports. Massapequa, which is about 40 miles (64 kilometers) east of Manhattan, has for years fought a state mandate to retire Native American sports names and mascots. But its lawsuit challenging the state's 2023 ban on constitutional grounds was dismissed by a federal judge earlier this year. State education officials, who have been trying to remove offending mascots and team names for more than two decades, gave districts until the end of this school year to commit to replacing them or risk losing education funding. Schools could be exempt from the mandate if they gained approval from a local Native American tribe, but Massapequa never sought such permission, state officials have said. Residents who support keeping the mascot have argued the image has been a part of the community's identity for generations and is meant to honor its Native American past. The town is named after the Massapequa, who were part of the broader Lenape, or Delaware people who inhabited the woodlands of the Northeastern U.S. and Canada for thousands of years before being decimated by European colonization. 'Forcing them to change the name, after all of these years, is ridiculous and, in actuality, an affront to our great Indian population,' Trump wrote in a recent social media post calling for a federal investigation. But indigenous residents on Long Island and elsewhere in New York have called Massapequa's mascot problematic as it depicts a Native American man wearing a headdress that was typically worn by tribes in the American Midwest, but not in the Northeast. The cheery mascot also obscures Massapequa's legacy of violence against Native Americans, which includes the site of a massacre in which scores of Native men, women and children were killed by Europeans in the 1600s, Native American activists have said. Massapequa, which is roughly 90% white, has long been a conservative bastion popular with New York City police and firefighters. Trump visited the town last year to attend the wake of a New York City police officer and has made frequent visits to Long Island as it has shifted Republican. Comedian Jerry Seinfeld, Hollywood's Baldwin brothers and the Long Island's alleged Gilgo Beach serial killer are also among Massapequa High's notable alums. ___ Follow Philip Marcelo at
