Developers warned that growing opposition to industrial development agency (IDA) tax breaks threatens new housing on Long Island, Bisnow reported from its Long Island Real Estate Conference. TRITEC principal Kevin Law spoke on the panel.
- Permits: Long Island permitted 7 homes per 1,000 residents from 2012 to 2021, versus 13 in the Lower Hudson Valley and 16 in Connecticut’s suburbs
- Zoning: apartments are prohibited on 96% of land in Nassau and Suffolk
- Exodus: the region lost 98,000 residents aged 35 to 54 over that period
- IDA support: Long Island’s eight IDAs provided $213 million in PILOTs in 2024, up from $167 million in 2019
“It’s not a gift. It’s an investment,” Law said. “Without the IDAs, projects don’t move forward.”
Read the full story: Tax Break Fight Threatens Development In Housing-Starved Long Island, Bisnow
