New York City has 8.5 million residents but will likely build only 11,000 new housing units this year —about half of the total in 2022 and a drop in the bucket compared to what it needs. What gives? Experts say it’s because the legislature let a controversial tax break for developers called 421 expire in June 2022. The state’s Real Estate Board is leaning on the lawmakers to restore the incentive.
Source: https://www.thecity.nyc/2023/10/18/housing-development-construction-affordable/
