NIMBY, Hamptons-Style – NMP Skip to main content

NIMBY, Hamptons-Style

Phil Hall
Oct 17, 2014

When most people think of the Hamptons, the luxury real estate market on New York’s Long Island, perhaps the last thing that comes to mind is affordable housing. And the school board of a ritzy Hamptons community is working hard to keep affordable housing out of their neighborhood.

According to a report from the online news source 27east.com, officials connected to the school serving the community of Wainscott are aggressively fighting the proposed development of a new 49-apartment affordable housing complex. In a letter to local residents, Wainscott School officials predicted “destructive changes” if affordable housing comes to town.

“The Wainscott School will be forced to alter its programming and become a conventional grade school much to the detriment of our present and future students,” wrote School Board President David Eagan. “That undesirable change also will result in a significant financial impact on the 264 households which comprise our District and fund our school tax levy. The doubling or trebling of our student population will result in significant and unprecedented increases in our tax rate. At best case, that increase will be approximately 66 percent and more likely it will be approximately 168 percent.”

Eagan later explained in an interview with 27east.com that his concerns were raised on projections on the number of children that would be added to the Wainscott School, which had the distinction of being the nation’s last-standing single-room school–an annex was added to the original one-room school building only six years ago. Eagan stated that an additional 70 students would require the allocation of $4 million to construct more classroom space, while another 110 students would raise those costs to $6 million.

However, the number of children who would be living in the proposed complex is still speculative. Windmill Village, the non-profit developer behind the project, stated that the complex would accommodate 20 one-bedroom apartments, 20 two-bedroom apartments, eight three-bedroom apartments and an apartment for the superintendent in charge of the complex’s maintenance. The complex is budgeted at $15 million, which would be funded through grants and tax credits, not through levying new local taxes.

Windmill Village also stated that the income levels for the residents of the proposed complex would be $36,000 for individuals and $42,000 for couples. According to U.S. Census data, the 650-person Wainscott community had estimated median household annual income of $82,083, while the local median income for a family was $79,375; the local racial makeup was 93 percent White.

Published
Oct 17, 2014
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021