Newsday Hamptons Story by MARK HARRINGTON February 20, 2009
With Hamptons home rentals trending downward, the impact on everything from luxury car rentals to high-end restaurants and art galleries looms large.
“This year it really hit the fan,” said Matt Adir, Image’s general manager, who saw the trend begin last summer.
Bob Schepps, president of the Southampton Chamber of Commerce, said merchants are depending on this summer to help recover from a winter he described as “the worst ever.”
Observers say car rentals are just the tip of the iceberg.
Noting the summer home rental market “drives the Hamptons,” Richard Finder of Prudential Douglas Elliman in Bridgehampton said a falloff “is going to trickle down to every aspect of the economy.”