Wednesday, March 26, 2008

New building permits plummet

The number of new building permits issued in New York City this January and February was down about 40 percent compared to the same period last year, according to the city’s Department of Buildings.

License to Dive: City Building Permits Drop 40 Percent

Building permits, which augur future construction, are a strong indicator of how robust the real estate market is, and the drop-off indicates even New York’s strong market is feeling the effects of the subprime mortgage bust and the tremors it has sent through Wall Street.

The city issued 451 new-building permits in January and February, compared to 764 during those months last year and 859 during the period in 2006.


Anonymous said...

GOOD !!!!

It's about time this rampant over development
had the brakes put on it !

It was beginning to resemble the 1849 gold rush!

Anonymous said...

I agree. It's a good thing! We have this new development of about 30 hideous brick two-family houses near us that we call millionaire's row because these monstrosities were priced at $995,000. And the builder was able to offer NO R.E. TAX for 10 years to buyers. Can someone tell me why a developer gets to build ugly expensive housing and offer this tax break? I don't get no tax break. Do you? How is that fair?