East End home-buying spree injects millions of dollars into land conservation fund

New York City dwellers heading for the East End have led to a record amount of money raised for the Community Preservation Fund.

News 12 Staff

Jul 29, 2021, 11:02 PM

Updated 988 days ago

Share:

New York City dwellers heading for the East End have led to a record amount of money raised for the Community Preservation Fund.
"The prices for what you were getting were somewhat ludicrous," says Jane Preiser, of Connecticut. She was looking to buy a house in the Hamptons, but says prices were so high she ended up renting for the summer.
It's the result of a house-buying spree that started when city residents migrated east after the pandemic broke out. "Things that I know I looked at maybe three years ago were maybe 30% more," Preiser said.
All of these home sales are raising millions of dollars for land preservation. That's because anyone who buys a house or property on the East End has to pay an additional 2% of the purchase price. That money goes to the towns who use it to buy and preserve open space and farmland.
"These are revenues that no one could have ever contemplated," says state Assemblyman Fred Thiele. He was the sponsor of the bill that created the program back in 1998.
In the first six months of last year, the real estate surge brought in $53.3 million for the five East End towns.
In that same period this year, the revenue swelled to $113.5 million.
Thiele admits that no matter how much is raised, it'll never be enough to preserve all the open space people want, but adds that the program helps conservation keep pace with development.
"We're under such development pressure. There are so many lands that still need to be acquired," Thiele says. "There's more revenue but the demand to protect the environment is also greater."
Nonprofits, including the Peconic Land Trust, also partner with towns to help obtain as much open space as possible.
"You have to have the resources in order to compete to acquire land. that's in high demand. The program as a whole is an enormous success," says the Peconic Land Trust's John VH Halsey.
The program has raised more than $1.5 billion since its inception.
The program was the first of its kind in New York state and has preserved more than 4,000 acres of land to date.


More from News 12
1:57
7 motorized scooters stolen from Williston Park garage; thieves contacted victim offering to sell them back

7 motorized scooters stolen from Williston Park garage; thieves contacted victim offering to sell them back

2:42
Chance for showers Saturday, mostly sunny for Sunday

Chance for showers Saturday, mostly sunny for Sunday

1:55
Dozens come out to exhibit to purchase art pieces depicting scenic North Shore

Dozens come out to exhibit to purchase art pieces depicting scenic North Shore

0:26
Shirley man pleads guilty to murder, setting victim's body on fire

Shirley man pleads guilty to murder, setting victim's body on fire

0:20
Freeport photographer accused of forcibly touching teen at Lindenhurst studio

Freeport photographer accused of forcibly touching teen at Lindenhurst studio

0:41
Judge dismisses Blakeman's lawsuit against AG's office connected to transgender athlete ban

Judge dismisses Blakeman's lawsuit against AG's office connected to transgender athlete ban

0:22
Officials: Fire breaks out at home near Wyandanch High School

Officials: Fire breaks out at home near Wyandanch High School

0:28
Police: Yonkers man charged for Old Westbury gas station robbery from nearly a year ago

Police: Yonkers man charged for Old Westbury gas station robbery from nearly a year ago

0:32
Beloved Franklin Square principal returns to Polk Street School following unexplained leave of absence

Beloved Franklin Square principal returns to Polk Street School following unexplained leave of absence

0:44
AG James announces over $1M settlement with Northwell Health for misleading COVID-19 patients

AG James announces over $1M settlement with Northwell Health for misleading COVID-19 patients

1:19
Authorities: Woman injured after shots fired into home in Mastic Beach

Authorities: Woman injured after shots fired into home in Mastic Beach

1:55
LI school districts wait for answers as state budget delays continue

LI school districts wait for answers as state budget delays continue

0:47
Long Island Restaurant Week: Lake View Grill, Legends, Dimon Estate

Long Island Restaurant Week: Lake View Grill, Legends, Dimon Estate

1:12
The East End: Take a tour of the The Shoppes at East Wind

The East End: Take a tour of the The Shoppes at East Wind

1:37
The Real Deal: How to save the next time you dine out

The Real Deal: How to save the next time you dine out

Guide: Long Island Public Golf Courses

Guide: Long Island Public Golf Courses

2:29
Multiple independent audits document a pattern of fiscal distress at Amityville schools

Multiple independent audits document a pattern of fiscal distress at Amityville schools

1:24
Police: Mother arrested for leaving 2 children unattended in a car near the Green Acres Mall

Police: Mother arrested for leaving 2 children unattended in a car near the Green Acres Mall

0:27
Police: Babylon man pointed gun at teen and his father

Police: Babylon man pointed gun at teen and his father

0:44
Long Island Restaurant Week: Carpaccio, Piccolo Ristorante, Stella Trattoria and Bar

Long Island Restaurant Week: Carpaccio, Piccolo Ristorante, Stella Trattoria and Bar