The Cottage City historic district commission this week took a first look at a plan to demolish and rebuild a dilapidated building that abuts the landmark Flying Horses Carousel.

The Martha’s Vineyard Commission decided this week to move forward with a public hearing on the proposed demolition of the Denniston House in Oak Bluffs regardless of the timetable for other town committees.

Oak Bluffs voters this week narrowly defeated a proposal to include the North Bluff section of town in the Cottage City Historic District.

At Tuesday night's special town meeting, voters also argued over how much money a resident could earn and still qualify for town-subsidized property for affordable housing.

In the end, voters opted by majority voice vote to qualify households making up to 140 per cent of median income in Dukes County - a level that advocates said would include people such as teachers and police officers in the program.

It's not heartless developers or steel wrecking balls that scare a group of historic preservationists in Oak Bluffs, but a combination of other factors that sound far more innocuous - low interest rates, a new sewer system and a surge in real estate values.

These ingredients set the stage for a building and renovation boom that, left unchecked, could ruin the town's architectural legacy.