An ongoing surge in home sales has produced a record-setting $102.61 million in revenues for the Peconic Bay Community Preservation Fund in the first 10 months of the year, Assemblyman Fred W. Thiele Jr. announced on Friday.
"The C.P.F. has already generated more revenue for the first 10 months of 2020 than any year in the history of the program except for 2014, when $107.69 million was generated," Mr. Thiele said.
The preservation fund, which provides money for land preservation, water quality improvement, and the protection of maritime heritage, receives the proceeds of a 2-percent real estate transfer tax. The money goes to the five East End towns: East Hampton, Southampton, Shelter Island, Southold, and Riverhead.
In October, $17.93 million was collected, the largest monthly amount in the program's 21-year history and a more than 300-percent increase from the same month last year.
The increase from the real estate boom "continues to be fueled by the exodus from New York City and other population centers to the East End during the Covid-19 pandemic," Mr. Thiele said.
In the first 10 months of the year, revenues from Southampton Town were $59.73 million, up more than 75 percent over 2019, East Hampton Town's were $30.15 million, an increase of nearly 59 percent, Shelter Island's were $2 million, up 60 percent, Riverhead's were $3.62 million, an increase of nearly 26 percent, and Southold's were $7.12 million, up more than 16 percent.
