In 2024, New York City experienced a significant construction surge, completing 33,974 new homes—the highest in nearly 50 years. This spike can be largely attributed to a high volume of building permits submitted before the expiration of the 421-a tax abatement program. Brooklyn led the boroughs with 13,732 completed units, while the neighborhood of Long Island City-Hunters Point in Queens saw the most units completed overall. However, new home permit applications have declined, raising concerns about future project timelines due to factors such as high interest rates and construction capacity limits.
While the 33,974 new homes completed in NYC is the highest since 1965, the number of new home permits has significantly declined from 16,428 in 2023 to 15,626 in 2024.
Brooklyn led with 13,732 completed units, while Long Island City-Hunters Point in Queens had the most units within a neighborhood, completing 1,859 homes.
Dan Garodnick noted that the spike in new homes was largely due to permits filed before the termination of the 421-a tax abatement program, causing a construction surge in 2024.
Factors like high interest rates and construction capacity limits are projected to prolong completion times for many housing projects despite a surge in 2024.
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