Newsday supports East End housing referendum

Fifty million dollars. That's the estimate of how much funding would have been generated for affordable housing in 2021 had a new tax on East End housing transactions been in place. The influx of city dwellers buying homes on the Twin Forks during the COVID-19 pandemic led to a spike in home prices that has made housing even less affordable. 

That has made it more difficult for local businesses to hire and retain workers, and gave longtime renters few options other than to leave the area, Sag Harbor Assemb. Fred Thiele said.

Thiele argues that the lack of affordable housing has reached crisis proportions. He's correct. Thiele is the principal architect of legislation that allows each of the five East End towns to create a community housing fund fueled by a 0.5% increase in the real estate transfer tax. Residents in East Hampton, Southampton and Southold towns will vote in November on the plan, whose revenue could be used for such incentives as jump-starting new construction or offering zero-interest loans to first-time homebuyers.

Long Islanders have long argued about the type of housing the region needs, and where to locate it. A May 2019 study by Newsday's nextLI found that younger Long Islanders favor more affordable housing units to accommodate skilled workers and others, including mixed-used multifamily housing to help revitalize downtown areas. NIMBYs (not in my backyard) and YIMBYs (yes, in my backyard) agree that no part of the Island should become an extension of New York City with tall buildings and high density. They also agree that the Island must become a lot more affordable, or young people will continue to leave for cheaper locales. According to 2019 American Community Survey data, 74.3% of Long Island homes are either owner-occupied or for sale, and only 18.3% are for rent. 

The East End housing fund is a good step forward. It allows residents of the towns involved to have a say in what housing and affordability will look like.

The referendum builds on efforts already underway. Earlier this year, the East Hampton Town board voted to adopt an affordable housing district overlay in the Wainscott school district. East Hampton has the highest cost of living in Suffolk County and not enough affordable units. This results in the daily trade-parade of skilled workers who have to commute to work in an area where they cannot afford to live.

Building more housing is integral to growing Long Island's economy. As the Island continues to gray, it's essential to develop solutions that will help keep more young people here and attract new residents. By approving this referendum, residents would help make that possible, and have a say in the process.

Newsday recommends a yes vote on this proposal.