The plaintiff, a builder, purchased a certain piece of property at New York in February 1996. Prior to purchasing the property he ascertained that the property was located in a Residence C zone which requires a minimum lot area of 10,000 square feet. He intended to subdivide the 21,383 square foot lot into two parcels and construct at least one and possibly two new homes on the property. Upon closing on the purchase of the subject property on September 19, 1996, he applied for approval of the subdivision. Thereafter, he was informed by the Nassau County Planning Commission that approval to subdivide was not required.
On or about October 16, 1996, plaintiff filed an Application for Permit to Build or Install with the Department of Planning and Research, Building Division of the Town of Oyster Bay. He was informed that his permit application would not be reviewed because the Town Board was considering a zoning reclassification for the area that included his property. Plaintiff learned that, based upon a petition signed by area residents, the Town Board was considering 1) changing the zone from Residence C (10,000 square feet) to Residence B-1 (20,000+ square feet) and 2) adopting a moratorium on building permits for new home construction. A public hearing was scheduled for October 29, 1996.