One of America's wealthiest families has quietly become the largest private landowner on an exclusive Hamptons island, and longtime residents say they're watching their community disappear before their eyes.

George Soros and his family now control nearly 120 acres across 18 separate properties on Shelter Island, a secluded enclave between the North and South Forks of Long Island that's only accessible by ferry. 

Public records reviewed by multiple news outlets show the properties were acquired through a network of shell companies over several years, making the Soros family the island's biggest private landowner.

For many residents, the concern isn't simply that another billionaire is buying waterfront real estate. 

They say the steady accumulation of homes, vacant lots and farmland is fundamentally changing the character of the small island community.

'We can't keep up with the lawyers that these millionaires have and they seem to build whatever they want,' longtime resident Steve Lenox told a recent Shelter Island Town Board meeting. 'That's what's ruining the island.'

Others fear Shelter Island could follow the same path as neighboring Hamptons communities that have become increasingly dominated by ultra-wealthy seasonal homeowners.

'I've seen Montauk turn on a dime. I've seen Sag Harbor turn on a dime,' resident Mike Gaynor told town officials. 'In a short period of time, no one is going to afford to live here anymore.'

The Soros family's expansion reportedly began after George Soros' former wife, Susan Weber, purchased a waterfront estate in 2013. 

Since then, George Soros, his son Alex - who now oversees the family's $25 billion investment empire - and son Gregory have steadily added neighboring properties, including a 63-acre horse farm, waterfront estates, vacant parcels and smaller homes.

Locals say some of those smaller properties have been converted into housing for estate staff, while larger estates have seen extensive construction, new security measures and increased privacy protections. 

Residents have also raised concerns about attempts to install fencing and restrict access near public landings, although local officials have rejected some of those requests.

The family's growing footprint became particularly visible last year when Alex Soros hosted events surrounding his wedding to Huma Abedin. 

Residents complained about road closures, helicopter traffic and heavy security as high-profile guests, including former President Bill Clinton and former Secretary of State Hillary Clinton, visited the island.

While 120 acres represents only a small percentage of Shelter Island's total land area, residents argue the impact is much larger because much of the land sits in prime locations and because many of the purchases involve homes that otherwise could have remained available to year-round residents.

Some locals say affordable housing has been hit especially hard.

One Shelter Island resident posting on Reddit claimed several of the homes purchased were originally built under an affordable housing initiative designed for local workers decades ago.

'The irony is thick,' the commenter wrote. 'A generation later - they have gobbled them all up.'

The same commenter argued the problem extends beyond rising home values.

'There are 14 real estate offices here - and no pharmacy anymore,' they wrote. 'The ultra-wealthy people buying here only stay for eight or ten weeks a year. The restaurants and businesses are catering to them and closing at the end of the season. It's unsustainable.'

The story sparked an intense debate online. Many Reddit users expressed frustration with billionaires purchasing large amounts of desirable real estate.

'So they can hide their money in a plot of land they will use for seven days a year,' one commenter wrote. 'The middle class suffer and they buy up pristine real estate as we struggle living paycheck to paycheck.'

Another simply posted: 'Disgusting. For what?'

Others argued the issue extends far beyond one billionaire family.

One commenter noted that home prices have risen dramatically nationwide because of a combination of billionaires, institutional investors, developers and wealthy second-home buyers all competing for limited housing.

Several users also questioned whether the story was being politicized because it involved George Soros, pointing out that wealthy individuals across the political spectrum - including other billionaire families - have accumulated large land holdings and luxury compounds around the country.

Others countered that the political affiliation was beside the point. 'Can some of us think that both are bad?' one commenter asked. 'Especially when they do it deceptively through shell companies.'

The Shelter Island controversy mirrors similar battles unfolding across the US as wealthy buyers continue purchasing large estates in exclusive resort communities.

On Hawaii's island of Kauai, billionaire Mark Zuckerberg has steadily expanded his sprawling estate over the past decade, purchasing hundreds of additional acres despite criticism from local residents concerned about access to land and rising property prices.

Texas, Montana, Wyoming and parts of Colorado have also seen increasing tension between longtime residents and wealthy newcomers buying ranches, farmland and vacation homes, with critics arguing that local workers are increasingly priced out of communities where they have lived for generations.

The Soros family has not publicly explained the long-term strategy behind its Shelter Island acquisitions, and representatives for the family's Open Society Foundations did not respond to media requests for comment.

For many locals, however, the concern is less about who owns the land than how much of it is ending up in the hands of a small number of ultra-wealthy buyers.

As one longtime resident put it during the recent town meeting, they've watched neighboring Hamptons communities change before - and fear Shelter Island may be next.