Real Estate
NYC Developers Build 99-Unit Buildings to Avoid Wage Requirements
A new tax program is leading some developers to change their construction plans.
Iron contractors work on the facade of an apartment building in New York.
Photographer: Angus Mordant/BloombergThere’s an unmistakable trend across New York City: Real-estate developers are seeking to construct buildings with exactly 99 units. No more, no less.
In the past four quarters, 28 such permits were filed, more than double the total from the previous 16 years combined, according to city data analyzed by the Real Estate Board of New York, a lobbying group.