Gov. Andrew Cuomo has brokered an agreement between the city's real estate lobby and the building trades union to revive 421-a, a controversial property tax break for developers that the city and many in the industry believe is essential for the construction of rental housing.
"The deal reached today between these parties provides more affordability for tenants and fairer wages for workers than under the original proposal,” said Cuomo. "While I would prefer even more affordability in the 421-a program, this agreement marks a major step forward for New Yorkers."
The deal was reached between the 100,000 member Building and Construction Trades Council of Greater New York and the Real Estate Board of New York. Key to the agreement is a wage floor for certain construction projects. The revamped program would require average wages of $60 an hour including benefits for construction workers on Manhattan projects containing 300 or more rental units. The average wage for similar sized projects along waterfront Brooklyn and Queens communities would be $45 an hour.
"We applaud Gov. Andrew Cuomo and his administration for bringing all parties together to finalize an agreement on an important public policy that will allow for the development of critical affordable housing, and establishes wage standards for construction workers in New York," said Gary LaBarbera, president of the Building and Construction Trades Council.
Cuomo had previously signed a 2015 law that extended the tax break and increased the amount of affordable housing that would be required in exchange for receiving it. But he held off putting it into place until developers and the construction trades union agreed on how much laborers would be paid at sites getting the tax break. The two sides were originally supposed to reach a pact by January, but negotiations stalled and dragged on until Thursday’s announcement.
Saturday, November 12, 2016
Cuomo brokers 421-a deal
Posted by Queens Crapper at 8:04 AM
Labels: 421a, Andrew Cuomo, construction, developers, rebny, tax credit
This is Trump tax break. It's also bullshit because hyper-development has not slowed down at all.
Surrender to REBNY, everyone
Why do workers get paid 15 bucks an hour less in Brooklyn and Queens? In fact, goddamn Brooklyn has more cache than Manhattan does, and it's seen as much hyper-development. This could actually get uglier.
Alas, JQ, whenever one is forced to deal with corporate fascist terrorists like Andrew Cuomo (who has still managed to escape Federal lockup, along with his equally crooked pals, Sheldon Silver and Dean Skelos!), then all ugliness that they themselves created (and FOISTED), is guaranteed to only get uglier by the minute!
That's why I correctly refer to criminal sociopaths like Cuomo and his Albany wrecking crew as: 'CRIMES WITHOUT CRIMINALS'(for whom everyone else continues to pay a soul-crushing price)!
UGLY PEOPLE——UGLIER LIVES!
good thing this piece of shit cuomo waited till after the election to announce this so he wouldn't hurt his good pal hillary's chances WHOOPS
Governor Andrew Mark Cuomo is positioning himself and his donors for his 2020 presidential run.
It will take a "YUGE" sum of moneys to run against an asymmetrical Trump re-election campaign. Follow the money.
Many New Yorkers also want the swamp drained, especially those upstate!
And who knows what it may take to be re-elected Governor now that the rules have been changed, and The President of These United States will be endorsing and campaigning for the Governor's opponent...
If Cuimo wants it, it must be shady.
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