REBNY head says final living wage bill will have minimal effect
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]