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
| Dec 18, 2014
Deal on 2015 budget slashes most federal construction spending
The $1.1 trillion funding bill for fiscal year 2015 approved by Congress makes deep cuts in some construction programs, but the General Services Administration suffered just a short haircut by comparison.
| Dec 11, 2014
Mayor backs reform of Pittsburgh inspection, permitting practices
The proposal, among other things, would impose a rental registration program and fee targeted at keeping better track of problem landlords.
| Dec 11, 2014
Los Angeles mayor proposes earthquake retrofit program
The ambitious program would focus on some apartment buildings built before 1978 and concrete buildings constructed before 1976.
| Dec 11, 2014
Outdated building code hampering recruitment of high-tech businesses in New York State
New York State’s building code is outdated and is hampering the recruitment of high-tech employers, according to a coalition of construction, fire safety, and insurance industry groups.
| Dec 11, 2014
Defense Authorization Act rejects BRAC for 2017
The House of Representatives has passed the $584.2 billion Defense Authorization Act.
| Dec 4, 2014
New airports raising green standards to new heights
Recent airport designs are bigger and much more efficient, based on a look at recent projects in Mexico City, London, and China.
| Dec 4, 2014
Rock Hill, S.C., puts moratorium on multifamily construction
City officials say the flurry of apartment construction over the past year has strained resources, including public services and infrastructure.
| Dec 4, 2014
Ontario contractors renew push for prompt payment legislation
A new coalition of Ontario contractors, construction associations, suppliers and trade unions will push for a revival of prompt payment legislation late this year.
| Dec 4, 2014
Roofing material manufacturers extend research project on sustainable roofing
A coalition of trade groups is sponsoring continued analysis of a reroofing project at the Onondaga County Correctional Facility in Jamesville, New York.
| Nov 26, 2014
Colorado must fix construction defects law, Denver Post says
Colorado's “vexing construction defects law” has hampered the building of new condominiums in the state, according to an editorial in the Denver Post.