REBNY Releases 421a Member Survey Results
In an effort to better understand the state of New York City’s housing development pipeline, the Real Estate Board of New York (REBNY) initiated a survey among its members and industry peers. An analysis of the respondents’ results revealed that there are approximately 33,000 units, of which over 8,200 are affordable units, spread across 75 projects vested under 421-a that are in jeopardy of not moving forward or being completed by the required June 2026 deadline. Other challenges developers are facing include a tightening of the debt markets over the last six months; obtaining Department of City Planning (DCP) waterfront certifications to commence construction, as well as HPD IH certificates of completion required for TCO; and heightened competition to secure contractors at a time when there is a shortage.