Monday, March 31, 2008

It's not your imagination: There are more buildings going up (and why you can blame Albany)

Says this week's New York magazine:

According to a Department of Buildings spokesperson, there’s been “a significant jump in the number of jobs filed for residential-building permits between January and February.” For all five boroughs, the DOB has received notifications—meaning that excavation’s starting within days—for 298 jobs, noticeably up from the year before. Brooklyn saw an increase of more than 20 percent. (The actual number of permits has fallen a bit, but that appears to be a paperwork lag.)
Why? A tax program known as the 421(a) abatement is set to expire—at least in its current form—this summer, and developers are rushing to get started before the deadline...

No comments: