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
University Buildings | May 30, 2015
Texas senate approves $3 billion in bonds for university construction
For the first time in nearly a decade, Texas universities could soon have some state money for construction.
Multifamily Housing | May 30, 2015
Energy Department releases resources to assess building energy benchmarking policies, programs
The new handbook demonstrates methodologies using real data from New York City.
Codes and Standards | May 27, 2015
Construction industry concerns with ‘Waters of the U.S.’ rule remain
EPA and Corps of Engineers rule may lead to a longer, more expensive permitting process
Codes and Standards | May 22, 2015
Rapid growth for environmental insurance in construction industry
The U.S. Environmental Protection Agency is paying closer attention to intrusion of potentially harmful vapors into commercial and residential buildings.
Codes and Standards | May 22, 2015
Roof collapse at Minnesota water park highlights failure to enforce codes
Rural areas say they can’t afford to enforce state-adopted building code.
Codes and Standards | May 22, 2015
U.S. House scuttles EPA plan to expand definition of waters in Clean Water Act
Construction industry officials said the rule would hamper developers, cost jobs.
Codes and Standards | May 22, 2015
First EPD covering PVC water and wastewater piping published
Benchmarks impacts of seven PVC pipe products across their life cycles.
Office Buildings | May 18, 2015
New ASHRAE standard offers test method to determine heat gain of office equipment
The standard will aid engineers in configuring cooling systems in office buildings.
Codes and Standards | May 7, 2015
Widespread damage from Nepal earthquake due to poor implementation of building code
Nepal’s code author says destruction was ‘inevitable.’
Codes and Standards | May 7, 2015
Lavish residential skyscrapers prompt concern over shadows
New York, San Francisco, Washington, D.C., and Boston among cities grappling with height regulations.
