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 | May 17, 2021
Latest Manual on Uniform Traffic Control Devices criticized for not considering bikes, pedestrians
More than a dozen advocacy groups want feds to start over.
Codes and Standards | May 13, 2021
LEED-certified federal buildings don’t use less energy than average
May be due to trade-offs on how score is developed.
Codes and Standards | May 12, 2021
White paper examines how to reduce pathogen transmission in ventilation
Pressure barriers and airflow distribution can be effective in existing buildings.
Codes and Standards | May 11, 2021
Pressure builds on White House to rein in cost of lumber
Spike in prices has added nearly $36,000 to price of average new home.
Codes and Standards | May 11, 2021
Residential codes should be upgraded to protect from cooking pollutants
Report examines ventilation standards, calls for increased public awareness of issue.
Codes and Standards | May 6, 2021
Blue roofs can provide relief to overwhelmed stormwater systems
Benefits most evident in industrial commercial areas.
Codes and Standards | May 5, 2021
Majority of schools took steps to improve air quality during pandemic
Districts still have unmet needs, face high costs and outdated building infrastructure.
Codes and Standards | May 4, 2021
Cost to keep Miami dry over next few decades is $4 billion
Rising seas demand big investment.
Codes and Standards | May 3, 2021
Fire stops critical to preserving three-decker housing
Old multi-family structures continue to provide badly needed homes in urban zones.
Codes and Standards | Apr 29, 2021
Dept. of Energy publishes energy savings analysis for ANSI/ASHRAE/IES Standard 90.1-2019
More than 4% savings for commercial buildings found for the updated code.
