East Hampton Town Supervisor Peter Van Scoyoc has come out in support of state legislation that would pave the way for a dedicated affordable housing fund, according to a statement from Town Hall.
The proposed law, called the Peconic Bay Region Community Housing Fund Act, would authorize the five East End towns to hold public referendums on raising money for affordable housing, via a half-percent addition to the community preservation fund's existing 2 percent real estate transfer tax.
The Housing Fund Act has been passed by the State Legislature, but must be signed into law by Gov. Kathy Hochul. It would allow voters in each of the participating East End towns to have the final say on establishing the fund. Each town would first create a housing plan to show the community how the fund would work.
The legislation would also reduce the real estate transfer tax for nearly a third of all transactions. In East Hampton, it would reduce the existing transfer tax on transactions of $1 million or less, thereby raising money for both the community preservation fund and the housing fund largely through the sales of higher-end properties.
The supervisor signed on to a letter to be sent to the governor by Assemblyman Fred W. Thiele Jr., a sponsor of the legislation. The housing fund, Mr. Thiele says in the letter, will "increase financial resources to address the critical demand for affordable housing in the Peconic Bay region."
"Affordable housing remains a pressing need in our community in order to accommodate members of our workforce and young people who are central to a vibrant, diverse year-round community," Mr. Van Scoyoc said in a statement issued on Monday. "An ongoing funding source for affordable housing projects will enable us to move forward more quickly with a variety of projects without unduly burdening taxpayers."
A spike in housing prices following the onset of the Covid-19 pandemic has exacerbated the scarcity of work force housing in the town, worsening traffic because of workers commuting from up the Island, and creating a shortage both of workers for local businesses and volunteers for fire and emergency services.
The town recently purchased land at 395 Pantigo Road in East Hampton and on Route 114 in Wainscott for affordable housing purposes. The East Hampton Housing Authority also plans an affordable housing development off Three Mile Harbor Road in East Hampton.
