It seems like nowhere is safe anymore. Or maybe, everywhere is too safe now.
Either way, residential developers have finally remembered the Bronx and have abandoned Brooklyn to sink their claws into the Boogie Down.
In the first six months of 2016, the Bronx came out on top as the borough with the most residential construction, de-throning Brooklyn from its lofty four year consecutive lead.
Just last year, they led the pack with an insane 26,000 units permitted to be built by the Department of Buildings but oh, how the mighty have fallen.
Since then, residential permits in the boroughs plummeted by over 50% due to the expiration of the 421-a tax program, according to Curbed. This might seem like a pretty big decline, but in anticipation of the 421-a’s expiration, developers worked double time to file plans beforehand.
Development in the Bronx is subsidized through city departments and tools other than the 421-a program, which could explain their success.
This year, accounting for 32 percent of all new permits, the Bronx has over 1,900 units authorized to Brooklyn’s approximate 1400. Queens came in third, then Manhattan, with Staten Island (as always) trailing in fifth.
It seems that there are some big plans in the works for the Bronx and understandably, people are already worried about that word that starts with a “g” and ends with “-entrification” and a ton of folks losing their jobs.
This surge in development, including Mayor DeBlasio’s administration’s proposed rezoning of Jerome Avenue, will create new residential areas, but it’s easy to forget (and for certain developers, ignore) its potential effects on local businesses and communities.
There are no unclaimed spaces in any of the five boroughs anymore. To build something new, you have to tear down something old.[via Curbed] [Feature Image Courtesy Instagram]