Scott Bedard SVP, Engineering | realtors.com
Peter Buffett, the son of billionaire Warren Buffett, has been making a significant impact on Kingston, New York. Since 2011, Peter and his wife have invested approximately $250 million in the area through their philanthropic organization, the NoVo Foundation. Their efforts include supporting local food pantries, building community centers for youth, restoring historic homes, and introducing "Buffett Bucks," a currency aimed at bolstering local businesses.
Kingston's real estate market has experienced notable growth recently. The median list price has increased by 32% to $499,250 since January 2023. Realtor.com economist Joel Berner remarked on the sharp rise in prices but did not directly attribute it to Buffett's influence.
Peter Buffett is not as wealthy as his father but has managed substantial resources through NoVo Foundation after receiving shares of Berkshire Hathaway stock from Warren Buffett. This foundation focuses on various community projects in Kingston, including creating an agricultural center called Hudson Valley Farm Hub and restoring historical buildings like Burger-Matthews House and Bonesteel House.
The rapid rise in home values raises questions about gentrification in Kingston. In 2021, Peter addressed these concerns publicly by writing letters expressing disappointment over privileged individuals moving into town and driving up housing costs. He acknowledged the challenge of implementing meaningful change without displacing residents who should benefit from such efforts.
NoVo Foundation also funds initiatives like Pine Street Family Health Center and supports projects like Broadway Bubble and Bath laundromat. Despite criticisms about its influence on local media coverage, Peter plans to continue funding the foundation for at least another decade to help Kingston thrive amid future challenges.
While some attribute positive changes in Kingston to Peter's investments, it's uncertain how rising property values will affect residents meant to benefit from these philanthropic actions.
(NoVo declined to comment for this article.)
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