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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.
2 comments:
GOOD !!!!
It's about time this rampant over development
had the brakes put on it !
It was beginning to resemble the 1849 gold rush!
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?
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