Registrations for New York’s 485-x property tax break are clustering at exactly 99 units, a cutoff that appears tied to higher affordability and wage rules at 100 units. Latent Urban Ventures reports 49 filings at 99 units across the April and October releases. AI Summary
Ninety-nine apartments on the lot, ninety-nine apartments in the plans, and rarely a 100th. New York developers are registering new buildings for a state property tax break at exactly 99 units, apparently to avoid tripping a higher wage requirement.
The Oct. 14 release of city registrations for the program, called 485-x, added 20 projects with exactly 99 units and none with 100 to 104, according to Latent Urban Ventures, a New York real estate and technology firm. It added one registration at 100 or more units. Across the April and October releases, 49 registered projects have exactly 99 apartments…