REBNY head says final living wage bill will have minimal effect

TRD New York /
Apr.April 13, 2012 12:00 PM

The contentious living wage bill, which the Hudson Yards is exempt from, will likely not affect more than 500 workers total in its current form, the New York Times reported. City Council Speaker Christine Quinn announced that she was done revising the measure this week, and figures from her office show the total number of workers affected — meaning they will have to be paid $10 per hour and receive benefits, or $11.50 per hour without — between 400 and 500.

The bill has been revised to exempt any business that is a tenant at a development that received city funds, and any business that was already in negotiations with the city (such as Hudson Yards) before the legislation is enacted. The only companies on the hook for the higher wages are those that directly receive subsidies from the city.

“Its impact, I believe, will be minimal,” Steven Spinola, the president of the Real Estate Board of New York, told the Times. [NYT]


Related Articles

arrow_forward_ios
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

John Banks

John Banks to step down as REBNY president

REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

REBNY president Jim Whelan (right) and Council member Robert Cornegy (Credit: Getty Images and iStock)

REBNY asks city to help landlords pay for lead abatement

From left: Heather Domi, Jeremy Stein, Toni Haber, Leonard Steinberg and Cathy Taub (Credit: NYRAC)

Fast-growing agent group has money, members and an agenda

BCTC's Gary LabBarbera and REBNY's Jim Whelan

REBNY, Building Trades join forces on development, policy

REBNY’s Real Estate Broker Confidence Index was 5.84 out of 10 for the third quarter of 2019, down 12 percent from the prior quarter but up 22 percent from last year’s all-time low. (Credit: iStock)

Broker confidence declines for another quarter: REBNY

REBNY president Jim Whelan (Credit: REBNY via Facebook, iStock)

REBNY rolls out ground rules for selling new development

arrow_forward_ios