(Inside the overworked and underfunded public agencies that are struggling to keep pace with overseeing and regulating NYC’s multibillion real estate industry)

It was the spring of 2015, and New York City developers were madly rushing to get their residential projects approved before the popular 421a tax abatement program expired. But in the midst of the frenzy, the city’s development world hit an unexpected snag: A government employee went on vacation.

Read more from The Real Deal