New York officials credit a first-quarter surge in residential unit permits in the first quarter to a property tax-break program for developers.
Along with a strong economy, the Affordable New York initiative helped triple New York City’s residential permits compared with the same period in 2016. The permits account for 6,343 units, which is the largest number since 2007.
The tax break was included in April's state budget, but Gov. Andrew Cuomo announced in January that the benefits would be retroactive to the beginning of 2017. The Affordable New York initiative is the successor to the 421-a tax credit program.
The new initiative applies to certain areas of the city, and sets minimum wage levels for qualifying projects. It offers tax breaks to developers who build projects of 300 units or more in certain areas of Manhattan, Brooklyn, and Queens.
Related Stories
Codes and Standards | Apr 18, 2016
ASHRAE releases proposed energy standard for historic buildings
Designed to balance with preservation requirements.
Codes and Standards | Apr 13, 2016
Canadian city fines itself for failing to get a building permit for building renovation
Guelph, Ontario, will pay a $1,125 fine to the province.
Codes and Standards | Apr 12, 2016
Construction trade groups sue OSHA over silica rule
Cite concerns about technological and economic feasibility.
Codes and Standards | Apr 11, 2016
New LEED 2009 projects will have to meet increased minimum energy performance
New requirements went into effect April 8.
Wood | Apr 8, 2016
New LEED Pilot ACP designed to help eliminate irresponsibly sourced materials
Illegal wood is primary target to restrict illicit material in the supply chain.
Lighting | Apr 5, 2016
Lighting requirements for high-rise dwellings proposed for energy standard
The requirements would effectively eliminate incandescent and halogen bulbs.
Steel Buildings | Apr 4, 2016
AISI publishes Cold-Formed Steel Framing Design Guide, 2016 Edition
Updates 2007 edition; includes five comprehensive design examples.
Data Centers | Apr 1, 2016
ASHRAE releases publication on the impact of IT equipment on data center design
The book offers advice for designing structures in the fast-changing data center industry.
Codes and Standards | Mar 28, 2016
Occupant egress simulations that impact codes fall short, researchers say
Building evacuations in emergencies are too dangerous as a result.
School Construction | Mar 28, 2016
National report on school buildings reports $46 billion annual funding shortfall
Millions of students said to be learning in obsolete facilities.
