The University of Chicago topped the list, losing an even greater percentage of fulltime faculty than Hofstra. Thomas Cooley, on the other hand, added more fulltime faculty than all but two schools including Columbia.
Should I now assume that Cooley is a better school than Chicago?
That's the problem with these kinds of lists. People clutch their pearls and get the vapors without looking at context. I don't know why Hofstra reduced it's faculty and apparently neither does the article's author, as no reason is given. Two obvious reasons come to mind: the drop in law school applicants an the advent of part time faculty.
There is a huge trend (at all levels of academia) towards hiring part time faculty. Part timers are cheaper, don't get benefits, don't get tenure and (on the positive side) bring some real world experience to the classroom. When a fulltime professor retires now, they are likely to be replaced by two adjuncts.
Hofstra may very well be offering the exact same number of courses as before, taught by adjuncts instead of fulltime faculty. The article is incomplete and without context.