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 | Aug 26, 2021
California may require solar on new high-rise residential and commercial buildings
State energy commission approves proposal; Could become law in 2023.
Codes and Standards | Aug 25, 2021
Study finds racism, discrimination common in construction industry
NIBS to share best practices with industry leaders to improve worker treatment.
Codes and Standards | Aug 24, 2021
White paper addresses insulated metal panel specifications for roofs and walls
Pertains to provisions of the National Building Code of Canada.
Codes and Standards | Aug 24, 2021
KTGY releases free resource to reduce carbon footprint in multifamily developments
Helps navigate Denver Green Code measures—a series of voluntary codes.
Codes and Standards | Aug 19, 2021
Massive infrastructure bill includes hundreds of millions for building energy efficiency
Funds allotted for updated code implementation, construction technology, K-12 efficiency programs.
Codes and Standards | Aug 18, 2021
Fannie Mae green bonds program could be greenwashing
Analysis shows significant number of green bond properties become less efficient.
Codes and Standards | Aug 17, 2021
Three Texas cities head list of most environmentally vulnerable
Hazard analysis includes natural disasters and government response categories.
Codes and Standards | Aug 16, 2021
Bill would reform New York’s public contracting process
Council on Public Contracting Reform to have contractor representation.
Codes and Standards | Aug 12, 2021
AGC pushes for more environmentally friendly construction
Contractor trade group supports government investment, tax incentives to reduce carbon footprints.
Codes and Standards | Aug 11, 2021
Decentralized approach to codes means emissions reduction responsibility falls on local officials
Efficiency advocates focusing more on local code amendments.
