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 20, 2019
Effort launched to develop better process for zero-carbon retrofits in multifamily sector
Rocky Mountain Institute, Dept. of Energy, California Energy Commission join forces.
Codes and Standards | May 20, 2019
Property lenders shouldn’t invest for 30 years in most of Florida, expert warns
Climate ignorance driving some ‘insane’ deals.
Codes and Standards | May 17, 2019
NIMBYism is the biggest multifamily construction barrier
National Apartment Assn. report assesses reasons for difficulty in creating more apartments.
Codes and Standards | May 17, 2019
Dept. of Energy to award up to $33.5 million for advanced construction R&D
Focus is on techniques to reduce energy bills.
Codes and Standards | May 16, 2019
Mixed reviews on targeted tax break for San Francisco neighborhood
“Twitter tax break” may have worsened some of the area’s problems.
Codes and Standards | May 15, 2019
OSHA inspections to increase, says Secretary of Labor
Newly hired inspectors getting up to speed.
Codes and Standards | May 14, 2019
Database records more than 1,360 K-12 school shooting incidents since 1970
Naval Postgraduate School program maps locations nationwide.
Codes and Standards | May 13, 2019
In many cities, downtown housing comes with a hefty premium
Urban core living costs hundreds of thousands more in largest U.S. cities.
Codes and Standards | May 7, 2019
San Francisco plan would require largest commercial buildings to use 100% renewable electricity
First in the U.S. mandate would be phased in from 2022 to 2030.
Codes and Standards | May 7, 2019
ABC says best practices can improve construction companies’ safety by 680%
Daily ‘toolbox safety talks’ were most effective safety measures.
