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July 30, 2015- As more evidence of the impending housing bubble soon to burst once Janet Yellen raises interest rates, The WSJ reports, “New York City is entering what could be the biggest building boom in a generation, census figures show, as work gets under way on hundreds of residential projects in neighborhoods across the city. In the first six months of the year, developers received new residential building permits for 42,088 apartments and houses in the city, according to the U.S. Census Bureau, already more than in any full year since 1963, when nearly 50,000 permits were issued.”
Yet the billionaire developers cry poverty when the politicians threaten to take away their 421-a tax breaks. They all say, “It would not be finally feasible to build.”