Governor Andrew Cuomo has offered a subsidy to be used by developers to offset the higher cost of union construction in Manhattan. The plan is rough around the edges and was presented to a group of 20 developers in Manhattan. The unions feel the wage proposal is fair and of course developers in NYC are concerned about rising cost of labor and land. As part of a condition of continuing the 421-a program which expired in January, the State has insisted that labor and REBNY come to agreement on wages. Without 421-a, it becomes cost prohibitive to build rental housing and/or affordable housing.
Part of Governor Cuomo and Mayor DeBlasio’s initiative is to create more affordable housing in NYC. Read the full article below.