New York City Sees Dramatic Drop in Building Permits Issued

When the 421-a tax abatement policy expired on June 15, the number of building permits issued for the following month plummeted. According to statistics released by the U.S. Census Bureau, the number of permits issued in July fell by 90 percent from June. The biggest losses were felt in Brooklyn and Queens, which saw a fall-off of 97 percent and 98 percent, respectively.