The construction boom in New York continues. According to New York YIMBY’s annual pipeline report, the total number of multifamily units filed with the Department of Buildings surged over the past year. Permits for 2,482 buildings containing 32,580 units were filed in 2018 compared with just 19,180 multifamily units in 2017—a year-over-year increase of approximately 70 percent.
While the massive increase in multifamily construction may come as a surprise, the areas being affected by the surge are not. Staten Island will see a whopping 1,026 new units, 5,902 units are being constructed in Manhattan, 7,449 units are going up in the Bronx, 7,798 units are being built in Queens, and Brooklyn takes the cake with 11,864 units.
Equally unsurprising is how the units are dispersed in Manhattan. 2,143 units can be found in just three sites—601 West 29th Street, 555 West 38th Street, and 375 207th Street. The units were far more evenly spread out in the outer boroughs.
New York YIMBY has more.
Mortgage rates have fallen steadily since hitting their 12-month peak in mid-November. As of the first week of January, the average 30-year fixed rate mortgage was down to 4.51 percent after reaching 4.94 percent on November 15. Agents say the drop is beginning to bring more buyers to the market, though many analysts worry that 2019 may be a rough year for the national housing market because of dwindling inventories and higher than average rates.
The Wall Street Journal has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Trade talks between the United States and China are set to reopen today, gun sales are rising in Europe, and a coup in the West African nation of Gabon was thwarted. National security adviser John Bolton has amended President Donald Trump’s plan to immediately withdraw American troops from Syria, which means forces may remain in place for months or even years; the chief of staff for the Pentagon, retired Rear Admiral Kevin Sweeney, was forced from his post by acting Secretary of Defense Pat Shanahan; Rep. Alexandria Ocasio-Cortez (D-N.Y.) has called for tax rates on the wealthy to return to their pre-Reagan Era levels to fund an initiative to combat climate change; and the gig economy is evidently not revolutionizing the labor market as much as previously thought. The shutdown of the federal government has entered into its seventeenth day with no end in sight as the president has added to his list of demands, increased the amount he is requesting for a border barrier of some kind, and floated the idea of proclaiming a national emergency to get said wall built by the military. If a resolution is not reached, hundreds of thousands of federal employees around the nation will not receive paychecks. Some other downsides: Federal contractors will continue to lose out on $200 million per day in lost revenue, the shutdown will adversely affect the safety of the U.S. airspace system, thousands of TSA agents will continue simply not showing up to work, the federal courts will run out of money as of this Friday, and the Metropolitan Transportation Authority could lose $150 million in federal funds per month. Serial pickpockets are behind the rise in subway crime, a Queens man stole 3,500 cases of beer from an idling train car, the Metropolitan Museum of Art saw record attendance last year, and explosives may be used to take down the skeleton of the old Tappan Zee Bridge.
A growing number of adults believe they have a food allergy, scientists in Illinois improved photosynthesis by 40 percent, do-it-yourself circumcision kits are real, and a Dayton newspaper says that Dayton’s nightlife is somehow the third best (just above Cleveland (5) and Green Bay (4), but most certainly below the number one and number two spots, St. Louis and Cincinnati, respectively). Meanwhile, in Florida, a man drove a Ferrari into the ocean because there wasn't a physical barrier blocking him from doing something so stupid, a 33-year-old man attacked his father with a pizza, and a 28-year-old woman attacked her parents because they wouldn’t take her to Outback Steakhouse. Finally, “Green Book” and “Bohemian Rhapsody” won this year's Golden Globe for best comedy or musical and best drama, respectively.