Only 453 units of housing were approved for construction in New York City by the Department of Buildings last month compared to more than 1,500 units in January 2015.
Following the failure to renew the 421a tax break, residential construction permits for New York City decreased by 94% in January. Only 453 units of housing were approved for construction last month, which is lower than the monthly average of 500 units during the weakest year for permits during the financial crisis. In January 2015, more than 1,500 units were approved.
Of the 87 non-hotel residential projects permitted last month, only eight projects had 10 or more proposed apartments and just one had more than 100 apartments.
