Shimon Shkury

Built World

Analyzing whether the pace can hold

New York City finished 38,682 apartments in 2025, the most in a single year since 1965, driven by the City of Yes zoning rewrite and the 485-x rental tax break. The record has since run into complications: permit approvals fell nearly 28 percent in 2025 as tariffs and 485-x's wage rules pushed up costs, and developers began filing permits for buildings of exactly 99 units to avoid the program's higher wage threshold.

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