New York Sees Biggest Home-Building Boom in Years

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New York Sees Biggest Home-Building Boom in Years
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Building permits spiked, even as the number of co-op and condo sales fell in Manhattan, Brooklyn and Queens

Josh BarbanelDespite a weak outlook for residential real estate, the number of building permits issued in New York City for new homes surged last year to the highest pace since 2015. It was the second-highest total since the end of the last big building boom in 2008.

Permits for 26,547 units of housing were issued in 2019, about 27% more than the year before, according to tabulation of preliminary data from the U.S. Census Bureau. Permits surged during the housing boom between 2006 and 2008. They then collapsed the following year, and...

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