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Democratic Rep. Ritchie Torres faces primary challenge over his fierce Israel support | Former DNC Vice Chair Michael Blake is launching a challenge to the three-term Congress member. (www.politico.com)

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The original was posted on /r/nyc by /u/soalone34 on 2025-11-13 03:12:55+00:00.

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New York City Set to See Rise in 99-Unit Apartment Towers (www.bloomberg.com)

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The original was posted on /r/nyc by /u/Smile-Nod on 2025-11-13 01:28:56+00:00.

New York City is getting a surge of new residential buildings with exactly 99 units.

Driven in part by the unintended consequence of a new tax program, developers filed 21 applications for buildings with 99 units in the third quarter, compared to just 13 from 2008 to 2023, according to a report from the Real Estate Board of New York. The trend, experts say, has been fueled by developers seeking to avoid higher worker wages for buildings with 100 or more apartments as part of a new tax incentive.

New York’s policymakers have been trying for years to address the city’s lack of affordable housing, an issue that dominated November’s mayoral election, with every candidate proposing remedies. During his term, outgoing mayor Eric Adams ushered in a “City of Yes” rezoning plan that aims to add 80,000 residential units, while mayor-elect Zohran Mamdani made a rent freeze for rent-stabilized tenants a centerpiece of his housing platform.

Last year, the state legislature also passed a tax abatement program called 485-x, which allows developments in New York to receive a tax break if they include a certain number of affordable housing units, replacing a similar program called 421-a that expired in 2022.

Under 485-x, developers of buildings with 100 units or more must pay workers at least $40 an hour, more than was required under the prior program. That’s led to a wave of filings for buildings with exactly 99 units, as developers seek to avoid higher labor costs.

In the third quarter, there were 194 applications for buildings with 99 units or fewer, which accounted for 90% of all residential filings.

Researchers at REBNY and developers argue that 485-x makes it difficult to fund and develop large projects and will lead to fewer units than under the prior tax abatement program.

Still, the introduction of the new program has helped catalyze more housing development after the expiration of 421-a brought production to a standstill. Developers filed for 207 multifamily residential projects in the third quarter of 2025, a 152% increase from the year prior, according to REBNY data.

“It’s critical that policymakers and other advocates do not become complacent in response to the quarter’s housing production totals,” said Zachary Steinberg, executive vice president of external relations and advocacy for REBNY. “The strong results come following a decade-plus of underproduction that needs to be addressed and can’t be done 99 units at a time.”

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Opinion: We shouldn't let political candidates like Jack Schlossberg (JFK's grandson) avoid telling us what policies they support. (i.redd.it)

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