Some Boston-Area Malls Have Recovered, But Many Are Still Fighting For Their Lives

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ATLANTA — In quick succession earlier this year, Georgia landed two huge deals with automobile manufacturers Rivian and Hyundai Motor Group. Both of those planned factories will be located on what the state calls a megasite — land assembled, entitled and marketed by the state for game-changing economic development moves.

Georgia is in a battle with its Southeastern state neighbors to get major manufacturers to open large-scale facilities within their borders. State officials have focused their strategy for attracting these companies on megasites — which allow a company like Rivian to bypass months of sales negotiations and entitlement work to quickly get a plant up and running.

But its supply of these sites is almost out.

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NEW YORK CITY — With the treasured 421-a tax break for developers now dead until further notice, the thousands of people in the New York City development community are looking at the best ways to pivot their businesses — if at all.

The Affordable New York tax provision, previously known as 421-a, lapsed earlier this month after the legislative session in Albany wrapped up with no new arrangement or extension in place. The real estate community had been urging lawmakers for years to find a solution before the program expired, arguing that without it, all rental development in the city would grind to a halt.

With community opposition to the program fiercer than ever, and several lawmakers railing against the program, New York developers have arrived at their long-dreaded future with the program unavailable for a while, if not forever. Now, many are looking at building nonresidential properties, putting development plans on ice or investing out-of-state, brokers and developers told Bisnow in interviews since the incentive officially expired.

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Ballooning costs in the for-sale housing market have served as an adrenaline shot for apartment demand, driving valuations up, but as inflation pummels the construction industry, the development pipeline still can't keep up.

That’s good news for existing apartment owners who are set to benefit from increasing rents, but it spells continued pain for those searching for a place to live and cities seeking relief from the nationwide housing crisis.

Read the full story here.