Revenues for the Peconic Bay Region Community Preservation Fund were $144.74 million during the first eight months of 2021, double the total during the same months last year.
In August alone, the CPF brought in $13.45 million, a 20.5 percent year-over-year increase, according to the office of New York State Assemblyman Fred. W. Thiele Jr., which also noted that in the last 12 months, the CPF has generated $211.9 million.
Each of the five East End towns maintains its own CPF, which is funded through a 2 percent tax on real estate transactions. The home-buying frenzy spurred by the COVID-19 pandemic led to CPF revenue reaching heights that have never been seen before. The proceeds can be used for open space, farm and environmentally sensitive land preservation and water quality protection.
“Revenues for the CPF in August 2021 are higher than a year ago. This marks the 13th straight month that revenues have exceeded $10 million per month,” Mr. Thiele said in a statement. “However, it is also the lowest monthly total since September of 2020. It had been recently reported by many in the real estate industry that because of declining inventory and rising prices, new contract activity had slowed over the summer from pandemic highs. This is reflected in the August revenue numbers but still represents a high level of real estate activity across the East End.”
Southampton Town raised $80.37 million through August this year, an 89.2 percent increase. Meanwhile, East Hampton Town saw $48.47 million in CPF revenue, a 132.2 percent spike.
Since its inception in 1999, the CPF has raised $1.75 billion.
Staff Writer on Oct 5, 2021