Steep Drop In Multifamily Permits Continued In 2016 As Hotel Permits Went Up
Building permits for new multifamily and single-family buildings took a hit in 2016, dropping by more than half since 2014.
From 2015 to 2016, the decrease in residential permits was 38%. A quarter fewer multifamily permits were filed in Manhattan from 2015 to 2016, and the outer boroughs all saw an even bigger drop, NY Yimby reports.
All five boroughs were impacted by the multifamily slowdown, which came in a year that effectively had no 421-a tax abatement to entice multifamily rental development.
Permits for new hotels increased by 31% from 2015 to 2016.
These are heavily concentrated in the outer boroughs, with the largest hotel ever to be built in the city outside of Manhattan planned for 24-09 Jackson Ave in Long Island City. It’ll bring 1,260 new hotel rooms to a part of town that’s already in the midst of a hotel boom. [NYY]