New Building Permits Plummet

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Yet one more article on census data, folks, this one from the NY Post and focusing not on class and race but on building — there's a whole lot less of it. "The Wild West atmosphere of Brooklyn residential development seems to have gone the way of the buffalo," they write. The proof: new building permits were down 88 percent this October from the same month in 2004, which they term the "age of the bulldozer." Apparently we're feeling it harder here than in other boroughs; the citywide decline was 70 percent. "The report cites frozen credit markets, more stringent lending requirements by banks, the end of the 421-a subsidy program, and a glut of existing units as factors for the slowdown." The bulldozer age flooded the market with inventory, but don't expect prices to drop like permits; they're down only four percent.
Permit Mill Slows Down [NY Post]
Photo by i'mjustsayin.

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