The expiration of the 421-a tax subsidy program often used by apartment developers in New York is expected to severely impact the volume of apartment units that get developed in the city. One study predicts a 20 percent decline in unit deliveries annually over the next five years from the 15,000 units delivered annually while the program was in place.

The post Development of Apartments in NYC Seen Dropping by 20 Percent in Wake of Subsidy Expiration appeared first on Commercial Real Estate Direct.