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 | Sep 2, 2020
California releases guide for state water policy
Water Resilience Portfolio is roadmap for meeting water needs as climate changes.
Codes and Standards | Aug 31, 2020
Fenestration alliance updates fenestration sealants guide
First update to 2009 document.
Codes and Standards | Aug 25, 2020
Platform will allow researchers to test energy system integration at scale
The U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) recently launched the Advanced Research on Integrated Energy Systems (ARIES) platform.
Codes and Standards | Aug 20, 2020
Wariness of elevators may stymie office reopening
Workers could balk at returning to high-rises.
Codes and Standards | Aug 19, 2020
Existing laws may be restricting efforts to cut carbon emissions
Outdated policies favor fossil fuels.
Codes and Standards | Aug 18, 2020
Florida becomes the third state to adopt concrete repair code
Sets minimum requirements for design, construction, repair of concrete structural elements in buildings.
Codes and Standards | Aug 17, 2020
ASCE seeks comments on seismic standard
Pertains to design criteria for nuclear facilities.
Codes and Standards | Aug 13, 2020
COVID-19 reboot guide offers strategies for reopening K-12 schools
Looks at space considerations for reopening at different scales.
Codes and Standards | Aug 12, 2020
Document provides guidance for mass timber construction
Overview of Intl. Building Code requirements included.
Codes and Standards | Aug 11, 2020
Inefficient air conditioning is a key contributor to global warming
More efficient equipment and buildings could make a big difference.