Developers widely reject large 485x projects
It’s common knowledge among New York City’s developers that large-scale projects are virtually a nonstarter under the 485x program. Seeing the data behind that narrative is nevertheless shocking. This week, six months’ worth of data was released by the city. The data dump revealed that developers are capping their buildings at 99 units, even when zoning allows more, because of wage and affordability requirements that soar at 100 and 150 units. Let’s dive into those numbers. Of 152 registered 485x projects in the last six months, 20 contained exactly 99 units; only one contained more, according to a preliminary analysis […]
This article originally appeared on The Real Deal. Click here to read the full story.
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