Peconic Bay Community Preservation Fund Revenues are $160.78 Million for First Eleven Months of 2022 Compared with $195.05 Million in 2021
Suffolk County cyberattack disrupted monthly reports; County states current report is up-to-date for 2022; Revenues down 17.6% from 2021
Assemblyman Fred W. Thiele, Jr. (D-Sag Harbor) today reported that revenues for the Peconic Bay Community Preservation Fund (CPF) for the first 11 months of 2022 totaled $160.78 million. A year ago, $195.05 million was collected for the same period, or 17.6% percent less than last year.
Thiele stated, that the Suffolk County cyberattack had disrupted real estate filings with the County for the months of September, October, and November. Thiele’s office was informed that the current numbers are up-to-date. For that three-month period, the CPF generated $2.05 million in September, $7.24 million in October, and $11.8 million in November for a three-month total of $21.1 million. Comparatively, for the same three months of 2021 the CPF generated $50.3 million.
Since its inception on 1999, the Peconic Bay Regional Community Preservation Fund has generated $1.971 billion. The CPF has generated $176.4 million in the last 12 months.
Thiele stated, “The impact of the Suffolk County cyberattack clouds the ability to make relevant month to month comparisons. Regardless, there can be no doubt that there has been a significant cooling of real estate activities on the East End in the last few months. Whether it be attributed to the inevitable bursting of the COVID-19 market bubble, increased interest rates, stock market declines over 2022, predictions of a coming recession, or some combination of these factors, the conclusion must be that there has been a clear reduction in CPF revenues over the last three months.”
Below are revenues by Town for the first eight months of 2021 compared with 2022.
|East Hampton||61.0 m||50.2 m||-17.7%|