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NYC MF Foundation Plan Filings Fall in March
The Real Estate Board of New York (REBNY) has published its March 2024 Multi-Family Foundation Plan Application Report, shedding light on the state of residential building projects in New York City. In March, there were 24 filings for project foundations, indicating a decrease from February and continuing a trend of low application numbers since June 2022.
These filings proposed a total of 985 dwelling units, significantly lower compared to previous years. Despite the city’s urgent need for new housing, the report highlights a decline in large building filings, with only three projects exceeding 100 residential units in March. Noteworthy among these projects is a 21-story tower in Williamsburg, a mixed-use development in Cypress Hills with income-restricted units, and a skyscraper in Brooklyn Heights. However, these projects alone cannot offset the overall decline in housing production.
“We will not solve the city’s housing crisis unless we put in place programs that will actually boost the amount of housing available to New Yorkers,” said REBNY Senior Vice President of Policy Zachary Steinberg.
- ◦Development
