But reflecting the financing pinch as well as rising construction costs.
Nor, he added, did that consider rising construction costs, which can grow up to 8percentt a year.
Builders throughout the area are facing rising construction costs and a slowdown in demand.
Rising construction employment is part of a wider picture of Long Island job and economic gains.
He cited rising construction costs and the $125,000 he must spend for underground water retention systems and drainage pipes.
City officials said the extra costs resulted from unanticipated environmental cleanup, rising construction costs and project expansions.
Developers also are grappling with rising construction costs largely associated with a shortage of labor, he added.
Last month Hadid claimed rising construction costs, as opposed to the design itself, had been responsible for the escalating figure.
In addition, the commission said, when the board disclosed the shortfall, it overstated the effect of rising construction costs.
He said that rising construction costs had given converters a financial edge over developers putting up new buildings.
Since the Great Recession, new home development in the region has slowed because of rising construction and labor costs.
