Democratic Assemblyman Keith Wright has introduced a new bill to reform the 421a tax break program. The introduced legislation comes at roughly the same time as Mayor Bill de Blasio’s proposed overhaul of the program.
Wright’s proposal, Capital New York reported, differs from the mayor’s. Not only is it shorter, it also includes a wage requirement for construction workers, something that the mayor’s proposal does not.
Including a prevailing wage provision could cost the city 17,000 affordable units through the 421a program, Capital reported.
“Organized labor has built this great City of New York. They need to stay in the City of New York,” Wright said during a rally, according to the website. The assemblyman added that “yesterday, with a lot of pressure, a lot pressure, I was able to introduce, and I want to thank our Speaker Carl Heastie, I was able to introduce a bill that would mandate prevailing wage for 421a.”
Under the mayor’s proposal, the tax abatement would no longer apply to condo projects. It would also extend the abatement to 35 years from the current 25.