New Building Permits Plummet
Yet one more article on census data, folks, this one from the NY Post and focusing not on class and race but on building — there’s a whole lot less of it. “The Wild West atmosphere of Brooklyn residential development seems to have gone the way of the buffalo,” they write. The proof: new building…
Yet one more article on census data, folks, this one from the NY Post and focusing not on class and race but on building — there’s a whole lot less of it. “The Wild West atmosphere of Brooklyn residential development seems to have gone the way of the buffalo,” they write. The proof: new building permits were down 88 percent this October from the same month in 2004, which they term the “age of the bulldozer.” Apparently we’re feeling it harder here than in other boroughs; the citywide decline was 70 percent. “The report cites frozen credit markets, more stringent lending requirements by banks, the end of the 421-a subsidy program, and a glut of existing units as factors for the slowdown.” The bulldozer age flooded the market with inventory, but don’t expect prices to drop like permits; they’re down only four percent.
Permit Mill Slows Down [NY Post]
Photo by i’mjustsayin.
im with u rob.what the hell r these developers doing to my beautiful,historic borough
“Prices are down only 4 percent”? Based on what – contracts that were signed before October?
If so, that statistic is meaningless.
Oh and Rob, forgot to add. Less permits does not mean less condos, coops or rentals, especially with a glut on the market right now…so the not-so-huddled masses will still continue to flock to our oh-so-hip Borough.
One would hope the lower the number of permits issued would help an overtaxed DOB be more affective with more folks reviewing less permits and less job sites.
One can dream.
Gee Rob, where’s your Christmas spirit or NewYork spirit.
Remember-
“Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tossed to me.
I lift my lamp beside the golden door.”
good. subways, schools, and the bodegas are already crowded enough. there’s a whole huge country out there. stay there, new people.
*Rob*