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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Policy/Gov't
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