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 | Jul 31, 2015
Report offers urban design recommendations for healthier cities, fewer traffic fatalities
Provides concepts for creating safer streets
Codes and Standards | Jul 31, 2015
2015 gypsum fire resistance design manual released
The 2015 edition contains nearly 100 new systems that supplement existing assemblies for walls and partitions, floor-ceiling systems, area separation walls, and many others.
Codes and Standards | Jul 27, 2015
New York City changing zoning rules to reduce shadows cast by high rises
For decades, the New York City’s zoning rules have made it hard to construct high-rise buildings that seem airy and minimize the shadows they cast. The city planning department is now working to change that.
Codes and Standards | Jul 27, 2015
ICC, ASHRAE outline roles to consolidate IgCC and 189.1
"IgCC Powered by 189.1” will provide the design and construction industry with “the single, most-effective way to deliver sustainable, resilient, high-performance buildings," according to the trade groups behind the agreement.
Codes and Standards | Jul 27, 2015
Tennessee county considers local worker requirement on construction projects
A proposed amendment to the charter governing Nashville and Davidson County would mandate that 40% of work hours on city- or county-funded construction jobs costing at least $100,000 be completed by residents.
Codes and Standards | Jul 27, 2015
New guide for installation of mineral fiber pipe insulation on chilled water systems
Developed for professional insulation contractors, the 36-page guide recommends methods for insulating chilled water piping systems using a vapor-sealed mineral fiber pipe insulation.
Green | Jul 23, 2015
NASA: U.S. headed for worst droughts in a millennium
Data from NASA shows carbon emissions could be the driving force behind devastating water shortages and record droughts in the western U.S.
Multifamily Housing | Jul 16, 2015
Minneapolis relaxes parking requirements on new multifamily buildings
The city cut the number of spots required for large developments by half. It also will accept plans with no parking spaces in certain cases.
Codes and Standards | Jul 16, 2015
Berkeley, Calif., adopts balcony inspection program following deadly collapse
Apartment building balconies will be subject to inspections every three years under new regulations adopted following a deadly collapse.
Codes and Standards | Jul 16, 2015
Oregon to spend $300 million for seismic updates on public buildings
A survey found that more than 1,000 Oregon school buildings face a high risk of collapse during earthquakes.
