Builders say reporting requirement could cost them millions in extra fees

The City Council is expected to pass a new mandate that could slap companies competing for projects with the city’s Department of Housing Preservation and Development with millions in extra fees, the New York Post reported.

With the mandate comes the requirement for builders to submit quarterly reports on wages of all the workers on their projects. In addition, builders must also report all project-related complaints and post them to the firm’s website for a total of five years after the job is done. Each company must also publish the names and titles of all of its employees.

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An unnamed coalition of builders told the Post that the need to report wages would give developers looking to construct new units of affordable housing an extra $40 million in yearly costs. However, Speaker Christine Quinn’s aides shut down the notion of $40 million in costs and said they would be minimal.

Mayor Michael Bloomberg plans to veto the bill. [Post]