Residential development permits took a 51 percent dive citywide this year, according to an article in today’s Crain’s New York Business, further refuting the notion that New York is immune to national economic tremors.
According to the article:
The number of permits issued during the first four months of the year dropped 48% compared with 2007 levels.
The number of units covered by the permits fell 29% in April, to 1,989 from 2,809 a year earlier. In the first four months of the year, permitted units fell 42%, to 5,882, from 10,073.
The bubble continues to deflate. Whenever will we learn?