NYC Will Build Just 11,000 Homes This Year, Half of 2022 Total, Annual Report Finds
New York City has 8.5 million residents but will likely build only 11,000 new housing units this year —about half of the total in 2022 and a drop in the bucket compared to what it needs. What gives? Experts say it’s because the legislature let a controversial tax break for developers called 421 expire in June 2022. The state’s Real Estate Board is leaning on the lawmakers to restore the incentive.
Source: https://www.thecity.nyc/2023/10/18/housing-development-construction-affordable/