In July, Southampton Town will hold a first-of-its kind auction of 15.13 development rights it owns in its local school district in order of fund affordable housing projects, Newsday reported. If sold at their minimum $275,000 valuation, the auction will raise roughly $4.16 million for Southampton’s Community Housing Opportunity Fund, according to the outlet. The development rights permit developers to build at a greater density than allowed under current zoning. David Wilcox, Southampton’s planning director, told 27east that the town has 700 development rights, which are accrued when the municipality dips into Community Preservation Fund money to purchase land to prevent it from being developed. The auction comes as South Fork government officials grapple with the stigma of government-subsidized housing developments, as recently noted by 27east, in one of the country’s more affluent areas. Newsday reported that Southampton currently has no money in its affordable housing coffers, and the town, like many on Long Island’s East End, has struggled to provide housing for local workers due to high regional real estate prices. [Newsday]
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