NYC Housing Market Draws Rash of 99-Unit Apartment Buildings

There’s an unmistakable trend across New York City: Real-estate developers are seeking to construct buildings with exactly 99 units. No more, no less.

In the past four quarters, 28 such permits were filed, more than double the total from the previous 16 years combined, according to city data analyzed by the Real Estate Board of New York, a lobbying group.

To those in the industry, there’s no question what’s behind the pileup at that precise number: A new tax program for real estate developments that requires higher worker wages for buildings with 100 or more apartments.

Last year, the New York ...