The 421-a Deal That Could Fall Apart Tomorrow

Developers and construction workers are having trouble reaching an agreement as the deadline to pass a state-mandated prevailing wage in the 421-a tax abatement program approaches tomorrow.

The Real Estate Board of New York and the Construction Trades Council of Greater New York have been negotiating for months over the tax abatement, which Mayor Bill de Blasio and the development community have said is key to building tens of thousands of units of affordable housing in NYC. But, with the deadline coming up tomorrow, Capital New York reports that the sides are far apart and a deal seems unlikely.

A deal could still be reached on what the prevailing wage for laborers will be; if it's not, construction in the country's biggest market could get significantly more expensive. [CNY]

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Related Topics: 421a , Bill de Blasio , REBNY
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