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REBNY, construction unions to begin 421a talks in September

New rules won't take effect unless the sides agree by Jan. 2016

From left: John Banks, Steven Spinola and Gary Labarbera
From left: John Banks, Steven Spinola and Gary Labarbera

Formal discussions between trade groups representing developers and construction workers over the revised 421a tax abatement are set to begin in a few weeks.

John Banks and Steven Spinola, the current and former heads of the Real Estate Board of New York, respectively, have already begun to meet with their counterpart, Gary LaBarbera, president of the Building and Construction Trades Council of Greater New York, a construction workers union umbrella group, with official negotiations set to begin as early as late September.

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The negotiations are critical to 421a’s future. Albany legislatures passed preliminary reforms to the property-tax-exemption program in June, but stipulated that the rules wouldn’t become law until the two trade organizations agreed on wage requirements for construction work on 421a buildings larger than 15 units, Crain’s reported.

The two sides have until Jan. 15 to come to an agreement.

Earlier today, city officials sent letters to the owners of nearly 200 421a building, calling them on their failure to register their buildings as rent regulated, as the program’s rules stipulate. [Crain’s]Ariel Stulberg

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