Everyone knew the switch from 421a to 485x would mean fewer large multifamily projects. Turns out, it’s not as bad as expected. It’s worse. The new tax abatement has not merely reduced the number of mixed-income projects with 100 or more units. It has eliminated them. Since the state enacted 485x in April 2024 with a wage floor for projects with 100 or more units — at the behest of construction union leader Gary LaBarbera — exactly zero such projects have registered for the program. Fourteen of the 180 projects seeking the abatement would have exactly 99 units, but the […]

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The president seemed poised for a big Supreme Court win letting him remove officials without cause. But the justices appeared to struggle with how to insulate the Federal Reserve from politics.

A veteran of the Metropolitan Transportation Authority is keeping it moving.  Patrick Killackey, the deputy director of strategic initiatives at New York City Transit, found a buyer for his Brooklyn Heights townhouse asking almost $7 million, according to Compass’ report on contracts signed in Brooklyn for homes asking at least $2 million from Dec. 1 to Dec. 8.  The contract for his home at 40 Orange Street was the top contract signed in the borough last week.  Killackey, who previously worked as a deputy chief at the MTA, bought the home for $4.5 million in 2015, according to public records.  […]

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President Trump’s move fulfills a major goal of the chipmaker. But the move faces opposition in Washington — and uncertainty in Beijing.

The real estate industry spent millions of dollars trying to prevent Zohran Mamdani from becoming mayor. The effort failed.  Meanwhile, some working in the industry made comparatively modest donations to Mamdani’s campaign.  The latest campaign finance filings show that after the election, some of those donors and others in the industry contributed to the mayor-elect’s transition efforts, giving at least $40,900 between Nov. 5 and Nov. 30. That represents less than 2 percent of the $2.6 million Mamdani took in during that time.  Representatives for Mamdani indicated that donations through Dec. 5, which go beyond the city’s filing period, have […]

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President Trump said Nvidia can export some chips. But years of U.S. restrictions have propelled China to make everything it needs for advanced A.I.

There were 288 transactions totaling $1.1 billion recorded in New York City over the 24 hours before 4:00 p.m. on Monday, Dec. 8, 2025. 🏆 Residential: The top recorded home sale in the Big Apple was in Tribeca, where a trust offloaded a condo for $21 million. The buyer of the unit at 70 Vestry Street was Vestry Partners II LLC. The seller had owned the unit since 2023, purchasing it for $16 million. The 3,200-square-foot pad has four bedrooms, four and a half baths, a parking spot and a storage unit. It went on the market for $22.5 million […]

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The findings are the latest example of how the notion of a single price is breaking down in the digital age, a trend economists say could be pushing up some prices.

The case centers on efforts by Republican officials to lift limits on how much money political parties can spend in coordination with candidates.

Social media posts by A.I.-created travel avatars cost far less to produce, yet look and sound real. Human influencers worry they’re being elbowed out.