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NYC Construction Slows Despite Housing Goals | Real Estate News
New York City’s construction boom is cooling off—developers filed for nearly 9 million square feet in Q2, a 16% jump from last year but way down from the first quarter. With a goal of 70,000 new homes over the next decade, the city’s pace is falling short. A key tax break program, 485x, is steering developers toward smaller projects (99 units or fewer), sidelining the bigger buildings the city desperately needs. Officials say it’s too early to tweak the program, which is still in its infancy. Meanwhile, Brooklyn’s leading the charge on new builds—with many large-scale projects getting…
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