The Bronx Dethrones Brooklyn for Most Residential Permits Issued

Posted On Fri, July 29, 2016 By

Posted On Fri, July 29, 2016 By In Bronx, real estate trends

For the past four years, Brooklyn has had more residential permits issues through the Department of Buildings than any other borough. But according to a report from the New York Building Congress shared by DNAinfo, during the first six months of 2016, the Bronx has taken the lead, accounting for nearly 32 percent of all permitted units, a major jump from its 11 percent average over the past four years.

For comparison, last year Brooklyn had a staggering 26,000 units permitted, but this year fell to 1,400; the Bronx had 1,900 units authorized this year. Brooklyn’s sharp decrease is part of a city-wide drop after the 421-a program expired at the beginning of the year that caused developers to rush to get their permits in at the end of 2015. But the Bronx’s surge is likely due to a huge affordable housing push: “More than 43 percent of the units that began construction in the first six months of this year under Mayor Bill de Blasio’s ambitious affordable housing plan… were in the Bronx.”

While many big, market-rate projects have stalled since Albany decided not to push through the 421-a renewal, affordable housing projects in the Bronx are able to move forward with other city subsidies. And though city permits dropped overall, this year they’re more in line with historical averages, save for last year’s pre-expiration jump.

After the Bronx and Brooklyn came Queens with 1,200 units, Manhattan with 820, and Staten Island with 620. Only the Bronx and Staten Island saw an increase compared to the first half of last year.

[Via DNAinfo]

Lead image of the Grand Concourse courtesy of Welcome2TheBronx

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