NYC apartment construction plunges as 485x fails to deliver 

Apartment construction in New York City has cratered this year as the housing affordability crisis looms large.  Housing starts for market-rate units have dropped 67 percent from last year, falling from an average of 7,500 per quarter since 2021 to 2,500 this year, according to CoStar data. The pipeline of units under construction shrank over the same period from 71,000 to 47,000, the Commercial Observer reported. One culprit, many developers say, is the 485x property tax abatement, which replaced the expired 421a program. While both programs were designed to spur affordable housing development, landlords argue the replacement piles on labor […] This article originally appeared on The Real Deal. Click here to read the full story.