Developers Bearish on Brooklyn Home-Building
Brownstoner.com.
Brownstoner breaks down the number of Brooklyn condo and co-op offering plans filed with the state Attorney General over the last few years (1,393 plans for 28,499 new units since 2004) and quizzes developers on what's to come.
Not much, apparently:
They predicted production would soon plummet as developers hesitate to add more condos or co-ops to an already saturated market, especially in places where it's uncertain if prices will hold. Also, they said recent numbers are likely higher than they would be without the new 421-a law, which after June 30 requires developers to include affordable housing within their buildings to receive tax exemptions.
