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New York

Builders prepare for slow down

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Residential builders are preparing for a slow down in development due to the credit crunch, 421-a program reforms and sluggish residential sales. Residential builders are turning to other projects, including schools, hospitals, public works projects and cultural institutions, to keep them busy. In the first five months of this year, the number of permits issued for new residential buildings in New York City fell by 43 percent compared with the same period last year.