The bankers' fall from grace could only be followed by serious perception declines in the Hamptons. That's just fine with the locals. Thank god that new money contingent is forced to move on.
...For the time being, the economy has taken care of the McMansion developers. Houses sit unfinished and it's distressing for those who have invested, and even worse for the locals whose livelihoods depend on them.
But maybe this downturn has a silver lining given the number of terrible houses that have been built.
The alliance between local governments and developers, where trinkets are tossed to the towns in exchange for the right to overbuild with impunity, has to be examined and challenged. It's no longer an issue of what we want this place to be but rather an issue of "can it be?" So this downturn is a very good time for us to take stock and reflect and, hopefully, emerge once again as a changed and fabulous place.