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Construction in New York City Goes Through The Roof
July 30, 2015
New residential permits surge as developers rush to qualify for tax break
New York City is entering what could be the biggest building boom in a generation, census figures show, as work gets under way on hundreds of residential projects in neighborhoods across the city.
In the first six months of the year, developers received new residential building permits for 42,088 apartments and houses in the city, according to the U.S. Census Bureau, already more than in any full year since 1963, when nearly 50,000 permits were issued.
The surge in permits this year followed a rush by developers to start foundation work on many residential projects by June 15, in time to qualify for a valuable property-tax abatement that was scheduled to expire...
Michael Slattery, senior vice president of the Real Estate Board of New York, an industry group, called the increase “astounding.” He attributed most of the surge to the scheduled expiration of the 421-a tax abatement program.