Developers in New York City are reducing apartment counts to avoid higher wage requirements under the new 485x tax abatement, which replaced 421a. Construction costs for buildings with over 100 units have increased by 15-25%. Meanwhile, affordable housing remains scarce, with only 318 out of 12,000 Housing Choice Voucher applicants securing housing. The office market is rebounding, with major CMBS loans, including $1.5 billion for the MetLife Building
Developers in New York City
