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 10, 2021
Dept. of Energy issues model energy code determinations for commercial, residential buildings
2021 IECC offers 9.4% site energy savings.
Digital Twin | Aug 9, 2021
Digital Twin Maturity white paper offers guidance on digital twin adoption
Provides lifecycle map and an approach for incorporating digital twins.
Codes and Standards | Aug 5, 2021
Contractors can be liable for building failures many years after project completion
Personal injury suits could be brought decades after substantial completion.
Codes and Standards | Aug 4, 2021
Mass timber is a natural choice for building recycling through deconstruction
Designing wood buildings to optimize recovery of materials for disassembly aids carbon sequestration.
Codes and Standards | Aug 3, 2021
Dept. of Energy releases initial version of the Spawn of EnergyPlus software
Targets new use cases in advanced controls, district systems, and grid integration.
Codes and Standards | Aug 2, 2021
Several U.S. cities among most expensive places to build in the world
San Francisco, New York, and Boston head the domestic list.
Codes and Standards | Jul 28, 2021
American Concrete Institute creates new director of innovative concrete technology post
Aim is to attract emerging technologies for development.
Codes and Standards | Jul 28, 2021
Higher ed faces infrastructure backlog of $112.3 billion
Study recommends integrated strategic planning for best results.
Codes and Standards | Jul 27, 2021
Add a wobbly moon to flooding risk factors
Earth satellite’s orbit variations will lead to sunny-day flooding in the mid-2030s.
Codes and Standards | Jul 26, 2021
Revamping of Florida building codes on the table after condo collapse
Tragedy could prompt upgrades like post-Hurricane Andrew effort.