The great rush for housing permits in New York City to lock in the lucrative 421-a tax break for apartment buildings gave way to a precipitous decline in July.
The number of permits issued that month fell by 90% from June, according to statistics released last week by the U.S. Census Bureau. The fall-off was especially steep in Queens, at 98%, and Brooklyn, 97%. The terms of the tax break expired in mid June before state lawmakers renewed and revised the city's program effective in 2016, requiring 25% to 30% of units in 421-a projects be affordable citywide.
4 comments:
Surprised there were any applications without the tax break. Only an idiot would not wait for the idiots in Albany to renew the law.
Is there any space left even to build? There is way too much construction going on as it is....Maybe there is finally no room or no more good room to build!
This loophole passing as an ordinance should have expired and been buried with salt thrown in the soil. Souless developers are the equivalent of immoral welfare mothers making babies to get housing and food stamps, except worse.
And as the article points out with the link, there was sudden rush to get permits which the city gladly doled out (dole, pun intended) to construct their tumors/towers. It is akin to watching a drug lord rushing to a bank trying to deposit hefty bags containing millions of dollars. The D.O.B. is a corrupt joke and is proudly enabling this lunatic development and the usurping of citizens tax dollars to enrich this confederacy of greedy lowlifes.
These buildings will surely not be structurally sound, no matter how shiny,dense and high they are. Haste makes waste motherfuckers.
"Permits....badges....we dunt need no steenkin badges"!
Breaking the law is pandemic in Queens. Violating building codes is even easier.
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