Staten Island suffers more

Sign Up for the undefined Newsletter

From the March issue: For years, until a city rezoning slowed development, Staten Island was the fastest growing county in the state. But since the onset of the credit crunch, the borough has, by many accounts, suffered more pain than any other part of the city. Building permits plummeted 43 percent in 2007 (to 826 compared to 1,345 in 2006). That decline was the sharpest in nearly 15 years.  A slew of other economic indicators took a beating too. New condo offerings fell by 92 percent, and the number of sales agents, which generally tracks newcomers to the profession, dropped 6.4 percent, the steepest decline in the city. Foreclosures, meanwhile, spiked a stunning 223 percent.  

Recommended For You