New York developers cluster tax break filings at 99 units
New York developers are capping housing developments at 99 units under the 485-x tax incentive program to avoid stricter wage requirements that take effect at 100 units.
FTMQ Real Estate, written by our newsroom0 views
HousingWire reported that New York developers are registering property tax break projects at exactly 99 units to avoid higher wage requirements that apply to larger projects. Data released on October 14 for the state tax incentive program, known as 485-x, showed a concentration of filings just below the threshold that triggers these rules. [1]
The October 14 city registrations added 20 projects with 99 units and zero projects containing between 100 and 104 units, according to real estate technology firm Latent Urban Ventures. The filing release included only one registration with 100 or more units, HousingWire reported. [1]
Across the combined April and October data releases, 49 registered projects contain exactly 99 apartments, HousingWire reported. Latent Urban Ventures noted that this design pattern appears in planning stages prior to official project registration. [1]
New York City consists of five boroughs, which are Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. The city represents the largest metropolitan area in the United States by population. [2]
In short
- HousingWire reported 20 new 485-x tax break registrations at 99 units in the October 14 data release.
- No projects with 100 to 104 units were filed in the October release, according to Latent Urban Ventures.
- A total of 49 registered projects have been filed at 99 units across the April and October releases.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]New York 485-x filings cluster at 99 units to avoid wage ruleHousingWire, 19d ago (the report this story comes from)
Background
- [2]New York City on Wikipedia
Our newsroom writes these reports with the help of software, from the 2 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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