search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87M
New York

Builders say reporting requirement could cost them millions in extra fees

The City Council is expected to pass a new mandate that could slap companies competing for projects with the city’s Department of Housing Preservation and Development with millions in extra fees, the New York Post reported.

With the mandate comes the requirement for builders to submit quarterly reports on wages of all the workers on their projects. In addition, builders must also report all project-related complaints and post them to the firm’s website for a total of five years after the job is done. Each company must also publish the names and titles of all of its employees.

Sign Up for the undefined Newsletter

An unnamed coalition of builders told the Post that the need to report wages would give developers looking to construct new units of affordable housing an extra $40 million in yearly costs. However, Speaker Christine Quinn’s aides shut down the notion of $40 million in costs and said they would be minimal.

Mayor Michael Bloomberg plans to veto the bill. [Post]

Tags
Christine QuinnDepartment Of Housing Preservation And DevelopmentMichael Bloomberg