Residential building permits plummet

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Building permits issued in New York City fell a dramatic 77 percent in
October year-over-year. The number of units around the city
authorized by those permits fell 70 percent to 778 this October from 2,532 last year. There was also a steep
drop of 33
percent in the number of permits issued between September and October
this
year. The lack of credit, the end of the 421-a subsidy program and the
saturation of the market as the economy slows are all factors in the
decline.