In 2024, New York City saw the completion of 33,974 new homes, the highest annual total since 1965, largely due to developers racing to complete projects before the expiration of the 421-a tax break. Brooklyn topped the boroughs with 13,732 units completed, while Long Island City-Hunters Point led neighborhoods with 1,859 units. Despite this surge in completions, new building permits dropped to their lowest level since 2016, raising concerns about future construction timelines amid high interest rates and capacity limitations in the construction sector.
Approximately 33,974 new homes were built in new buildings across New York City in 2024, the highest amount since 1965, driven by the rush before the 421-a tax break expiration.
Brooklyn led with 13,732 completed units in 2024, with Long Island City-Hunters Point ranking highest among neighborhoods, despite a decrease in new project permits this year.
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