Realize what this says:
New York City, in the throes of the biggest residential building boom in three decades, issued permits for 30,927 new units of privately owned housing in 2006 – a near-record number, according to figures released yesterday by city officials (bested only by 2005’s numbers).
The 2005 number is topped only by the 33,084 permits issued in 1972, at the height of the Mitchell-Lama subsidized housing program.
In 1972, 30,000 housing units were built, but many of them were subsidized rental units. In 2005, 30,000 housing units were built, presumably all of them high-end luxury condominium units.
What a reflection of the state of the New York City, and national, economy.
Source: Manhattan: High Level of Building Permits – By Janny Scott, The New York Times