Bubble Wrap
Entry
Sharp Drop in Building Residences in the City
The Times writes about the huge drop in new construction with both the residential and commercial sectors as reported by the New York Building Congress. The report contends that the downturn may have bottomed out, while some industry experts are more pessimistic. There are currently only 2 commercial buildings under construction and housing has dropped from 30,000 units per year to about 6,300 this year.
The residential market is more bleak. More than 460 residential projects have been delayed, nearly a third of them in Brooklyn, according to the latest figures from the city’s Buildings Department. Many analysts say it will take several years for the market to absorb all the luxury apartments that have been built recently.
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posted about 4 weeks ago
