A lawsuit’s demise secured Inwood’s rezoning this week, but the litigation may have done lasting damage to some projects. The state’s highest court on Monday rejected a bid to appeal a lower court’s reinstatement of the rezoning, paving the way for the creation and preservation of 5,000 affordable housing units. When the City Council approved zoning in 2018 to encourage housing construction, the economy was humming and the city’s coffers were overflowing. Now developers and
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As the holiday season kicked off, buyers and homeowners got hungry for home financing. An index tracking the number of mortgage applications to purchase homes increased 4 percent last week, seasonally adjusted, compared to the prior week, according to the Mortgage Bankers Association’s weekly survey. It was the second consecutive weekly increase for the metric, known as the purchase index. The index had not grown for seven straight weeks until the second week of November.
With the city gripped by recession, Mayor David Dinkins didn’t want to lose Morgan Stanley, a major taxpayer and employer, to the suburbs. In 1992, the city and state offered the investment bank nearly $40 million in tax credits and other incentives to keep its Midtown headquarters rather than move 4,000-plus employees to Stamford, Connecticut. “That was really a turning point in keeping major businesses in the city,” said Carl Weisbrod, of HR&A Advisors, who
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