Not a single developer in New York City has filed plans for a building with more than 100 apartments since the state passed the new 485-x tax incentive program. Developers are intentionally capping projects at 99 units to avoid wage requirements built into the program. In the past year, 28 permits were filed for buildings with exactly 99 units — more than the total number of 99-unit permits filed in the previous 16 years combined. The city currently has a 1.4% rental vacancy rate, the lowest since 1968.
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