Can 421aa survive the NY legislature? ¯_(ツ)_/¯

As this flowchart shows, it’s not looking great

TRD New York /
Jun.June 16, 2016 07:00 AM

A new bill broke months of relative silence on Monday by proposing 421a 2.0 — but the measure hasn’t moved.

The proposed tax program, dubbed 421aa, was submitted by the State Senate’s Rules Committee late on Monday. The measure is a pretty close relative to the version of the tax break enacted last summer, with a few tweaks involving wages and condominiums that qualify for the program. The bill proposes a minimum wage of $55 per hour for union construction workers on projects south of 96th Street in Manhattan with more than 300 units. The minimum wage for other construction sites would stand at $15 dollar until 2017, eventually increasing to $21 in 2020.

The Real Estate Board of New York has come out in support of the measure, saying that it will create more affordable housing than its predecessors. But union boss Gary LaBarbera has slammed the bill, calling it a sneaky and “offensive” move on the part of Senate Republicans. The bill’s chances of reaching the governor’s desk before June 16 seem relatively slim, especially given Gov. Andrew Cuomo’s staunch position on prevailing wage requirements.

The above flowchart outlines a few possibilities for 421aa’s future. But just a quick note: The chart does not include the last-minute political gymnastics that often play a role in the final hours of the legislative session. So, say, if this measure is being linked to $2 billion currently earmarked for affordable housing — as some legislators have reportedly claimed — or some other behind-closed-doors negotiations get this bill signed, consider those options noted.


Related Articles

arrow_forward_ios
John Banks

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

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

John Banks to step down as REBNY president

John Banks to step down as REBNY president
REBNY Awards

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

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
Douglas Durst (Getty)

Douglas Durst tapped to be next REBNY chair

Douglas Durst tapped to be next REBNY chair
Ninve James 

REBNY taps Realtor.com exec to lead RLS

REBNY taps Realtor.com exec to lead RLS
REBNY’s James Whelan and New York Attorney General Letitia James (Getty Images; iStock)

Broker-fee ban lawsuit postponed for the third time

Broker-fee ban lawsuit postponed for the third time
Gary LaBarbera and Bill de Blasio (Getty)

City, construction unions strike deal to hire low-income workers

City, construction unions strike deal to hire low-income workers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...