New York City is on track to complete about 11,000 new housing units this year.
This is a much lower figure than what is necessary to meet the municipal government’s ambitious plans to build 500,000 homes in the next ten years.
And this is according to a new report released by the New York Building Congress.
The report also indicates that the expiration of a tax exemption that has been in effect since the 1970s could make the construction of new homes even more difficult.
This exemption allowed developers of residential buildings with rental units to eliminate or reduce property taxes for up to 35 years.
However, in June 2022, the state legislature decided not to renew the program.
Despite the slowdown in the residential field, the report indicates that spending in the construction sector increased this year by $13 billion.
And this as a result of the completion of projects delayed by the pandemic, and the construction of new factories, warehouses, laboratories and schools.
Likewise, it is expected that in two years jobs in the sector will reach pre-pandemic levels.
2023-10-18 16:51:00
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