New Residential Building Permits in NYC Q2 2025
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Source: City & State New York
In the second quarter of 2025, New York City saw a significant increase in new residential building permit filings, with a 43% year-over-year rise. The permits filed accounted for 8.5 million square feet, nearly double the amount from the same quarter in 2024. Most projects were capped at 99 units to avoid triggering a new labor wage requirement under the state's 485-x tax incentive program, which
- Status
- Prospective
- Sector
- Commercial, Residential
- Location
- New York City, New York, United States of America
- Updated
- 22 Jul 2026
- Source
- City & State New York
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Project Information
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Status
Original status | planned/initial implementation |
Taiyo status | Prospective |
Taiyo last update | 2026-07-22 |
Contact
| Not available for this record. |
Description
Description | In the second quarter of 2025, New York City saw a significant increase in new residential building permit filings, with a 43% year-over-year rise. The permits filed accounted for 8.5 million square feet, nearly double the amount from the same quarter in 2024. Most projects were capped at 99 units to avoid triggering a new labor wage requirement under the state's 485-x tax incentive program, which requires a $40 minimum hourly wage for buildings with 100 or more units. The 485-x program, launched in January 2025, replaced the expired 421-a incentive and mandates that 20% of apartments in buildings up to 99 units be affordable. The city aims to build 500,000 new residential units by 2033, but larger projects over 100 units remain limited. |
Original sector | Built Sector |
Location
Country | United States of America (USA) |
State | New York |
City | New York City |
Source
Source | City & State New York |
URL |
More Details
Record type | Project |
Sector | Commercial, Residential |
Article published date | 2025-09-16 |
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