New York City is the biggest city in America, with a population of 8.5 million people. Yet according to a new report released by the New York Building Congress, the city is on track to complete just 11,000 new housing units this year. For context, last year, the city built more than twice as many housing units. Most experts point to the expiration of the 421-a tax abatement program, an incentive for new development that has, over the years, produced tens of thousands of new units in NYC. Its expiration is driving the downtown in housing production in New York. As a key driver of the housing production downturn. – The City
