An ongoing boom in the real estate market produced nearly $94 million in revenue for the Peconic Bay Region Community Preservation Fund in the first five months of 2021, the highest five-month total in the program's history, Assemblyman Fred W. Thiele Jr. announced last week.
In May, income to the fund was $18.52 million, more than double that of the same period in 2020, a time frame that included the onset of the pandemic and a shutdown of real estate offices and in-person showings.
"Revenues for the C.P.F. continue to reflect the significant increase in real estate activity on the East End since the advent of the Covid-19 pandemic," Mr. Thiele said. "This marks the 10th straight month that revenues have exceeded $10 million per month," he said. "The last eight months have all exceeded $15 million per month." Over the last year, $188 million has been collected.
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 the first five months of this year, revenue from Southampton Town were $51.62 million, up 87 percent over 2020; East Hampton Town's was just over $31 million, an increase of nearly 152 percent; Shelter Island's was $2.31 million, up almost 235 percent; Riverhead's was $2.86 million, an increase of more than 67 percent, and Southold's was $5.85 million, up more than 90 percent.
