- Joined
- Jun 27, 2017
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As always, the guiding principle is "Tell me the rules, I'll play the game."
To promote new housing in NYC, in 2024, the State Legislature passed a new tax program labeled 485-x. This provided certain tax exemptions for new housing construction in the city.
As you would expect, the devil is in the details!
For new apartments with 99 or fewer units, really the only requirement is to provide some affordable units. But for apartments with 100 or more units, to get the same exemption, the builder has to pay construction workers at least $40 an hour, as well as have rent-stabilized and the afore mentioned affordable units .You can see where this is headed.
Huge complexes are being built, but are legally broken up in to 99 unit slices. Each has to have a separate entrance, lobby, elevators, and emergency exits. They can have common facades, some connecting hallways, interlocking floor plates, and shared staff,
gyms and child-play areas (no idea on sprinklers).
Right now, it's almost impossible to find financing for 100 units or greater projects, Last year housing starts were already down 38% .Construction unions are crying
Right now, there are 42 under construction, all in the outer boroughs.
This is gonna make floor numbering in a West Bronx tenement look simple.
To promote new housing in NYC, in 2024, the State Legislature passed a new tax program labeled 485-x. This provided certain tax exemptions for new housing construction in the city.
As you would expect, the devil is in the details!
For new apartments with 99 or fewer units, really the only requirement is to provide some affordable units. But for apartments with 100 or more units, to get the same exemption, the builder has to pay construction workers at least $40 an hour, as well as have rent-stabilized and the afore mentioned affordable units .You can see where this is headed.
Huge complexes are being built, but are legally broken up in to 99 unit slices. Each has to have a separate entrance, lobby, elevators, and emergency exits. They can have common facades, some connecting hallways, interlocking floor plates, and shared staff,
gyms and child-play areas (no idea on sprinklers).
Right now, it's almost impossible to find financing for 100 units or greater projects, Last year housing starts were already down 38% .Construction unions are crying
Right now, there are 42 under construction, all in the outer boroughs.
This is gonna make floor numbering in a West Bronx tenement look simple.