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January CPF Revenue
The Peconic Bay Community Preservation Fund raised $21.07 million across the East End in January 2021, a 132 percent increase compared to January 2020, according to the office of New York State Assemblyman Fred W. Thiele Jr.
The January 2021 haul is the second biggest for a single month in the history of the CPF. The record was set in December 2020, when the CPF raked in $21.31 million.
Each of the five East End towns maintains its own CPF, which is funded through a 2 percent tax on real estate transactions, so watching CPF revenue totals is one way to measure the state of the real estate market. The recent record-breaking activity for the CPF came as a result of the coronavirus pandemic, which bolstered Hamptons and North Fork home sales as Manhattan residents sought refuge.
Southampton’s share of CPF revenue in January was $13.02 million, a 172 percent year-over-year increase. East Hampton’s was $5.76 million, a 118 percent increase.
Over the last 12 months, the CPF has generated $151.4 million, and since its inception in 1999, the fund has generated $1.62 billion. The revenue may be used for open space preservation and water quality protection.
Staff Writer on Mar 2, 2021