1 Photo
The Peconic Bay Community Preservation Fund brought in $8.36 million across the five East End towns in January 2023, a sharp decline from the last two Januarys but on par with prepandemic activity.
The CPF, which raises revenue through a 2 percent tax on real estate transactions, was one of the biggest beneficiaries of the pandemic-driven surges in homes sales on the East End. During the four Januarys prior to the pandemic reaching New York State, CPF revenue for the first month of the year ranged from $5.47 million to $9.91 million. January revenue hit an all-time high in 2021 of $21.07 million; a year later, that record was shattered with a CPF haul of $24.69 million.
State Assemblyman Fred W. Thiele Jr. of Sag Harbor reported this week that over the last 12 months the CPF has generated $156.3 million, and since its inception in 1999, the fund has generated $1.99 billion.
“Revenues have dropped monthly since August 2022 and appear to have stabilized in recent months at prepandemic norms,” Thiele stated. “Still, towns need to carefully monitor revenues in the coming months to ascertain the impact of volatile economic factors, such as increasing interest rates.”
CPF money may be used for open space preservation and water quality protection, among other uses.
In Southampton, CPF revenue was $4.76 million in January this year, down 74.5 percent from the record month a year prior. In East Hampton, it was $2.18 million, down 70.2 percent.
Staff Writer on Mar 9, 2023