Help for Housing

There is a sharp-edged irony about affordable work-force housing on the South Fork: The sector of the local economy most responsible for rent escalation — and the one with the most power to do something to counteract it — has done little or nothing to ease the situation. 

Real estate firms and their associated buyers, sellers, and builders have benefited eagerly over a long runup that has at the same time priced many local people and job seekers out of the market. The boom has created ever more demand for labor, in no small measure leading to the dreaded morning and evening “trade parades” of service and delivery personnel clogging roads at least as far west as Hampton Bays. And yet, living on the South Fork remains out of reach for many, leading to a hiring crisis — ask just about any employer how things are in this regard.

Looked at over the long term, East Hampton has been a standout in the state among small municipalities on affordable and mixed-income housing.  

Yet, from the perspective of those searching for a place to live, it could seem that there was little available; the town affordable housing waitlist is maxed out and closed to new applicants. This is how private effort could help, filling the often long gaps between new officially sponsored facilities, which can be as long as eight years.

Now and then there has been talk of a transfer tax, like the one that powers the community preservation fund, only for housing. As with the C.P.F., buyers would pay a small percentage over the cost of their real estate purchases and the money would flow into an account set aside for new affordable construction. This might sound like a good idea, but there are concerns. First, adding a new tax could scare away some buyers, although with the market continuing strong, that seems unlikely. 

Rather than tempt elected officials with another source of quote-unquote free money, sometimes used to help win votes and reward pet projects, the real estate industry here, from brokerages to contractors, might join together in a private initiative to build or rehab apartments and houses to help meet the need. This would not necessarily enrich those in the industry in a monetary way, but it would offer payback in the sense of a job well done for the community, something to crow about.

If a new industry-driven, public-private effort produced only a handful of units each year, it would make a difference. As we have seen, government can do this, too, but not as fast; there has been an almost-decade-long gap since the last major project opened its doors. It’s time the property professionals got involved in a big way.