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Peconic Bay Community Preservation Fund First-Quarter Revenue
The Peconic Bay Community Preservation Fund had a record-breaking first quarter in 2021, bringing in $55.22 million across all five East End towns.
Each town maintains is own CPF funded through a 2 percent tax on real estate transactions, and the proceeds can be spent on open space preservation and water quality protection; the hot real estate market amid the pandemic has been a financial boon to town coffers and these causes.
“Revenues for the CPF continue to reflect the significant increase in real estate activity on the East End since the advent of the pandemic,” New York State Assemblyman Fred W. Thiele Jr., the architect of the CPF, said in a statement. “This marks the eighth straight month that revenues have exceeded $10 million per month. The last six months have all exceeded $15 million per month.”
Southampton brought in $31.32 million during the first quarter of 2021, a 55 percent increase from the same quarter in 2020. East Hampton’s revenue leaped by 161 percent, to $17.5 million. All five towns combined saw a 78.6 percent increase in CPF revenue.
Since its inception in 1999, the CPF has generated $1.66 billion, including $164 million in the last 12 months, according to Mr. Thiele’s office.
Staff Writer on Apr 28, 2021