New York Residential Permits Drop Again in April

New York–The number of residential permits issued in New York City’s five boroughs fell again last month, declining by 51 percent compared with the same period a year ago, according to Crain’s New York Business.The total number of April permits dropped from 459 in 2007 to 223, according to U.S. Census Bureau data.Compared with 2007, the number of permits issued in the first four months of 2008 fell 48 percent.The number of units that the permits involved declined 29 percent in April, to 1,989. Permitted units dropped 42 percent from 10,073 to 5,882 in the first four months of 2008.More permits were granted across the city last year than in any year since 1972, according to Crain’s.The drop-off is due to inaccurately large 2007 numbers and ongoing credit issues that have made it hard for developers to get loans and for buyers to obtain mortgages, developers said.