From the December issue: Since June 2015, the fate of 421a has lain not with the New York State Legislature, which oversaw its renewal for more than four decades, but with two of the state’s largest lobbying groups: The Real Estate Board of New York and the Building and Construction Trades Council of Greater New York.
It was the first time the two behemoths had been forced to agree on a wage provision. Negotiations, perhaps unsurprisingly, faltered. When the controversial housing program — which saves developers more than a billion dollars in taxes every year — expired last January without a replacement, it left both the real estate industry and many affordable housing advocates (even some who had opposed it) ill at ease. That intensified as the months wore on with no sign of resolution. [more]