Sizzling real estate sales fuel Preservation Fund: East End towns see major boost since pandemic

Shelter Island continues its upward trend in revenues generated by the Community Preservation Fund (CPF) with a 182.6% rise in money generated for the first four months of 2021 compared with the same period last year.

The other four East End towns also continued to show progress thanks to a spirited housing market realized during the COVID-19 pandemic. The health crisis spurred many people to leave urban areas and relocate to the seemingly safer East End, according to Assemblyman Fred Thiele Jr. (I-Sag Harbor).

Mr. Thiele initiated the legislation that created the CPF in 1999 with revenues from a 2% tax on purchasers of properties in the five East End towns. The fund is used to buy and preserve property from development and also used for water protection initiatives

Shelter Island received $1.78 million during the first four months of this year compared with $630,000 during the same period of 2020.

Overall, the five East End towns saw a 96.2% hike in CPF revenues, bringing in $75.17 million from January through the end of April this year, compared with $38.32 million generated in the same months of 2020.

East Hampton saw a 136.1% increase in its CPF revenues, garnering $23.54 million compared with $9.97 million received during the first four months of last year. Southampton was next in line with an 83% increase, bringing in $42.65 million this year compared with $23.31 million during the first four months last year.

Southold saw a 72.4% increase in CPF funding for the first four months of 2021 with $4.86 million flowing into its coffers compared with $2.82 million last year.

Riverhead received a 47.5% boost in CPF money for the first third of this year with $2.33 million in CPF funds compared with $1.58 million for the same months of 2020.

April alone saw $19.95 million for all five East End towns this year compared with $7.4 million in April of 2020.

The hikes mark the ninth successive month of $10,000 increases and the last seven month revenues per month exceeded $15 million. CPF generated nearly the same amount of revenue for the first four months of this year than  what was received for all 12 months of 2019, Mr. Thiele said.