A private citizen’s novel plan to develop individual condominiums as affordable housing took its first step when the East Hampton Town Planning Board met the pitch favorably but cautiously at its most recent meeting. Jack Motz reports on 27east.com that if approved, the plan, pitched by Kirby Marcantonio, the publisher of Montauk Life and Hamptons Life magazines and a workforce housing proponent, would be to develop 47 affordable housing units spread across seven two-story buildings on a vacant 4-acre lot on Pantigo Road in East Hampton. Once built, the idea is for local employers to purchase individual units for employees to lease under terms agreed upon by the landlord and renter. In contrast, almost all other affordable developments in East Hampton Town are owned and operated by a single, certified housing corporation. To live there, tenants would have to qualify for affordable housing by maintaining a salary within 130 percent of area median income. The developers would cap the rent at half the market rate. Marcantonio said the starting price of a house in East Hampton today is $1.2 million to $1.3 million, which is far out of reach for any local resident or local worker. With that in mind, he began casting around for affordable housing ideas, as informed by his real estate background. Marcantonio will now have to submit formal plans once ready, which will take two or three months, and he hopes to get approval sometime early next year, so he can break ground on the development.

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A new $40,000 limit on state and local tax deductions, known as SALT, would be a win for many New Yorkers, tax analysts told Newsday, but provisions in the bill the Senate passed yesterday could limit the number of people who benefit. The bill passed by the Senate sets an income threshold, so only those earning $500,000 annually or less could take advantage of the full $40,000 cap. The cap would remain at $10,000 for those earning $600,000 or more. The bill also raises the “standard deduction,” allowing more people to take advantage of the higher deduction and reducing the number of people itemizing and taking advantage of the increased SALT cap, tax analysts said.

Keshia Clukey reports in NEWSDAY that the SALT deduction allows filers who itemize to subtract some of their state and local taxes from their taxable income.

The bill also increases the standard deduction, which currently is set for $15,000 for single filers and $30,000 for married filers for the 2025 tax year, according to the Internal Revenue Service. The vast majority of taxpayers take advantage of the standard deduction instead of itemizing.

The U.S. Senate passed its version of the bill in a 51-50 vote on Tuesday, largely along party lines, and the House narrowly passed its version in a 215-214 vote on May 22. The bill now goes back to the House for final approval — though lawmakers must agree on the final language. President Trump has been pushing for Congress to pass the measure before the Fourth of July.

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Peak season for political fundraising on the east end is underway as New York City Mayor Eric Adams will be feted at a power Hamptons fundraiser on Saturday as he gains momentum following former Gov. Andrew Cuomo’s stunning defeat in the NYC Democratic Mayoral Primary. Ian Mohr reports in THE NY POST that power couple Maria and Kenneth Fishel will host an Adams reelection event at their Bridgehampton estate, according to an invitation seen by Page Six, along with John and Margo...