New construction in Manhattan weakest in more than a decade after key tax break expires, report says

New construction in Manhattan weakest in more than a decade after key tax break expires, report says
A construction worker stands on scaffolding at a municipal building at Lafayette and Worth streets in Manhattan on March 7, 2023, New York City. - Luiz C. Ribeiro/New York Daily News/TNS
New York Daily News
August 15, 2023Economy

NEW YORK — New construction in Manhattan slowed markedly in 2023, with just 21 building permits filed in the first half of the year, the lowest midyear total since 2010, according to a report obtained by the Daily News. Only 13 of the 21 permits were for multiple-dwelling buildings, even as the city experiences a housing supply shortage, the report by the Real Estate Board of New York found. The slowdown follows the expiration of a critical tax break for developers known as 421a. “We’re definitely seeing a pretty consistent deceleration in development,” said Keith DeCoster, the board’s Directo...

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