In yet another sign the city’s building boom is coming to an end, the number of residential permits issued in the five boroughs continued to drop last month, falling by 51% compared with the same period a year earlier.
The decline follows a year in which more permits were issued citywide than in any year since 1972, bucking a national slowdown.
Permitted units in Queens and Brooklyn, which reached record highs in 2007, dropped by 51% and 48%, respectively, in April. Staten Island was the only borough to record a gain in units, jumping to 376 from 236.
Developers say the decline in units stems both from artificially inflated numbers in 2007 and the credit crunch, which has made it difficult for buyers to get mortgages and developers to secure loans.
Residential building permits plunge 50%