NEW YORK (WCBS 880) — Gov. Kathy Hochul has signed a law that could bring more affordable housing to the East End of Long Island.
There has been a push for decades to increase affordable housing options for those who need it in areas like East Hampton and Southampton, where some large homes are being knocked down to build even bigger mega mansions.
Prices of homes have skyrocketed in the Hamptons amid the pandemic, with some properties selling for more than $10 million, and some who work in the East End have found themselves having to commute more than an hour to their jobs because they're unable to afford the rich lifestyle that has become synonymous with the area.
On Friday, Hochul signed into law a community housing fund for the towns of East Hampton, Southampton, Shelter Island, Southold and Riverhead with the goal of establishing affordable housing developments and allowing income-eligible residents who are first-time homebuyers to get financial assistance.
Assemblyman Fred W. Thiele Jr., who sponsored the bill, said the money to fund the affordable housing programs would come from a new real estate transfer tax hike that rose from 2% to 2.5%.
"Over the next 22 years that this would be in effect would generate over $600 million for affordable housing," he told WCBS 880's Sophia Hall. "That could provide first-time home buyers with financial assistance, down payment assistance, in addition to working with public, private partnerships, employer housing."
"I think the biggest impediment to providing affordable housing on the East End has been the lack of resources and this bill is going to fill that gap," he added. "Listen, we're not going to make Dune Road and Gin Lane affordable, but whether it be financial assistance for first-time homebuyers, providing apartments over stores, accessory apartments, rehabilitating commercial structures near business districts that could be used for affordable housing."
The road to affordable housing on the East End is not yet over though. Voters from each town must approve the measure.
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