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 11, 2021
Zero Energy Buildings growth driven by government policy, stringent codes, technologies
Restraints include high upfront cost, and lack of universal definition and approaches.
Codes and Standards | Jan 11, 2021
HUD releases new Fair Housing Act design and construction requirements
First update of ‘safe harbors’ in 15 years provides better clarity for design and construction firms.
Codes and Standards | Jan 8, 2021
Court ruling gives UpCodes upper hand in fight over building codes database
Battle over IP property claims by ICC and other codes bodies continues.
Codes and Standards | Jan 8, 2021
Houston creates tax incentives for green stormwater elements
Businesses that install green roofs, rain gardens, permeable pavement, and rainwater harvesting are eligible.
Codes and Standards | Jan 7, 2021
Trump’s classical design aesthetic mandate for federal buildings likely to be felt for years
May limit the number of firms that could compete for contracts.
Codes and Standards | Jan 7, 2021
Workers on some of Virginia’s major construction projects sue subcontractors for wage theft
Projects include new General Assembly Building, outpatient facility at Virginia Commonwealth University.
Codes and Standards | Jan 5, 2021
EPA finalizes first major update to Lead and Copper rule
Will accelerate pace of lead service line replacement.
Codes and Standards | Jan 5, 2021
Flood risk for affordable housing expected to triple by 2050
Some communities will have 90% of their affordable housing at risk.
Codes and Standards | Jan 4, 2021
Ranks of remote workers expected to double in five years
Nearly 23% of employees will work from outside of offices.
Codes and Standards | Dec 28, 2020
CSI and ASTM standards can now be connected through a central location
CROSSWALK web service accesses standards specific to projects from feasibility to turnover.
