Stopgap 421-a Held up by Construction Wage Dispute
Herrick Real Estate partner, Brett Gottlieb, was quoted by The Real Deal in an article discussing the stalemate between developers and construction unions over worker wages currently holding up negotiations to bring back a mini version of property tax break 421-a.
After failing to get the legislature on board with extending the construction deadline for the tax break, Gov. Kathy Hochul was considering an alternative route for certain projects to receive benefits. But the Real Estate Board of New York and the Building and Construction Trades Council do not see eye-to-eye on construction wage requirements for such projects.
Brett is quoted as saying, "It is disappointing that these two groups, labor and the real estate industry, have not been able to come to some kind of resolution."
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