Wednesday, May 28, 2008

Building permits cut by half

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%


Anonymous said...


Anonymous said...

That means that the waterfilled holes with grafitti covered fences will fester all over the borough.

You can bet the culprits behind this don't live next door (if they even live in Queens) and the press and politicians will look the other way and ignore this blight.

Anonymous said...

Construction is still rampant, its just now being done without permits and after hours. Every contractor knows that as soon as you file an application with the Buildings Department and inspector is out there 4 or 5 times over the next few months writing bull@#*% violations and stop work orders in the 'so called' interest of public safety. The no permit way, the homeowner gets his job done right and fast and city loses all that fat extortion money.
Life under Communism, ain't it grand.

Anonymous said...

Anon #3

Excellent point!