The city’s Department of Buildings issued permits to authorize the construction of 20,144 units housing between July 1, 2015 and June 30th this year. Four the last four years, Brooklyn has been the borough with the highest number of permits issued …until now. Brooklyn has fallen to second place behind the Bronx.
Residential permits issued in the city fell by more than 50% in the last year. In 2014-15 housing developers rushed to file their plans anticipating that 421-a (a tax break for certain newly-built residential developments) would expire. In short, the number has’t fallen by 50%, more accurately, a surge experienced last year has come to an end.
Nevertheless, the Department of Buildings authorized 1,926 units of housing in the Bronx in the first half of this year, beating Brooklyn by over 500 units. The borough accounted for 32 percent of all new permits.
Featured image source: [todayifoundout]