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 | Jan 17, 2022
AISC seeks comments on draft earthquake standard for steel buildings
Includes new limits for cross-sectional slenderness of steel columns based on latest research.
Codes and Standards | Jan 12, 2022
California’s wildfire building code significantly reduces structural loss
As other states consider upgrading their codes, Golden State provides useful model.
Codes and Standards | Jan 12, 2022
Regulator holding back climate-friendly, energy-saving equipment deployment, critics say
Heat pumps, solar power could be made more accessible for low-income communities in Massachusetts.
Codes and Standards | Jan 11, 2022
Cost hikes drive nearly one million renters out of homeownership qualification in 2021
Household income needed to pay a mortgage rose to $62,872 from $55,186.
Codes and Standards | Jan 10, 2022
New ratings services focus on climate risk for homeowners
Efficacy of models used in risk assessment varies.
Codes and Standards | Jan 6, 2022
Virginia contractors having a tough time finding diverse subs to meet state goals
Survey of primes may indicate similar issues at federal level.
Codes and Standards | Jan 5, 2022
Boston drops parking requirements for affordable housing
Measure expected to spur new projects.
Codes and Standards | Jan 4, 2022
Dept. of Energy Better Climate Challenge aims for 50% GHG emission reduction by 2030
Program offers technical assistance and peer-to-peer knowledge sharing.
Codes and Standards | Jan 4, 2022
Architects at New York firm take steps to unionize
Support for unionization reported at two other New York firms.
Codes and Standards | Jan 3, 2022
Biden’s executive order for a carbon-neutral government includes green materials mandate
As a driver of demand, federal procurement impact could ripple through the economy.
