NYC Multifamily Filings Take Steep Dive After Loss of 421-a Tax Break
Developer applications for residential building foundation construction in New York City fell off precipitously following the expiration of the 421-a tax incentive program last June, the Real Estate Board of New York said in a new report. Accordingly, the number of new housing units in projects tied to those applications dropped significantly in the second half of 2022.
By June of last year, developers had filed 411 applications, compared to 165 such filings since, a 59% decrease. Similarly, 71.4% of the 43,708 proposed dwelling units in 2022 foundation applications were filed before 421-a expired on June 15.
“New York City’s housing supply crisis has gone from bad to worse,” said REBNY SVP of policy Zachary Steinberg. “There’s no light at the end of this tunnel unless the public sector works quickly to advance policies to facilitate the new housing and below market rate housing production that New Yorkers desperately need.”
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UCC Foreclosure Sale: 200 Kent Avenue
Brooklyn, NYNew York & Tri-State + Mixed-Use
Learn MoreListing Status: Available Listing Type: Auction Average Occupancy: 42 Year Built: 2020 Building Size: 135611 Sq ft Lot Size: 22640 Acres No. of Stories: 5 Zoning Code: M3-1 Opportunity Zone: No
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