July was a terrible month for New York City building permits, dropping 90% from June. The month saw only 1,786 new units—down from 17,786 in June—with Queens (98%) and Brooklyn (97%) having the greatest decreases. While the decline sounds grim, there’s a good reason for it. With concerns surrounding expiration of the 421a tax abatement—one of the bigger threats to multifamily developments—developers rushed to register projects, leading to a big spike in permits in June. All that said, with more than 43,800 units in applications so far, 2015's is the most permitting activity in more than a decade. And a new 421a abatement—which requires 25% to 30% affordable units—has already been announced by Albany lawmakers (shown: the state Capitol). [TRD]
NYC Building Permits Down 90% in July (And That’s OK)
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