De Blasio is OK with Cuomo’s 421a proposal, unless it costs the city

Mayor says affordable housing initiative is already cash-strapped

New York /
Aug.August 19, 2016 10:30 AM

Mayor Bill de Blasio is cool with Gov. Andrew Cuomo’s new 421a proposal as long as the city doesn’t have to foot the bill.

At an unrelated press conference on Thursday, the mayor said that he supported a proposal to provide construction wage subsidies for certain projects under the tax abatement program, the New York Post reported. He just doesn’t want the program to impact the city’s already cash-strapped affordable housing program.

“God bless ’em,” he said. “If that’s what the state thinks is the right thing to do with state money, of course we can work with that.”

The New York Times revealed late Wednesday that Cuomo proposed a plan to revive the defunct tax abatement program. In a one-page memo provided to a select group of developers, the governor laid out a plan that set union-level minimum wages for projects but also offered up wage subsidies. The proposal set a minimum of $65 an hour in wages and benefits for Manhattan projects south of 96th Street with over 300 units, and a minimum of $50 an hour in wages and benefits for similarly-sized projects in Brooklyn and Queens. For the latter, the state would have to shell out $15 per hour.[NYP] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
Gov. Kathy Hochul
Hochul pitches conversion tax break. Will developers bite?
Hochul pitches conversion tax break. Will developers bite?
From left: Rachel Fee, Eli Weiss, Kathy Hochul and Cea Weaver
Here are the real estate policies to watch in Hochul’s budget
Here are the real estate policies to watch in Hochul’s budget
Breaking, 421a, Kathy Hochul, housing
Hochul: Extend the 421a deadline for construction
Hochul: Extend the 421a deadline for construction
(Getty)
A December to forget: Multifamily projects slow to a trickle
A December to forget: Multifamily projects slow to a trickle
From left: Stonehenge NYC's Ofer Yardeni and UBS' Ralph Hamers along with 408 East 92nd Street (Getty, Stonehenge NYC, UBS, Google Maps)
Yardeni’s Stonehenge pays $115M for Upper East Side rental
Yardeni’s Stonehenge pays $115M for Upper East Side rental
arrow_forward_ios

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

Loading...