Cuomo May Forge Agreement Between Labor & Real Estate Through New 421-A Proposal
According to the New York Times, Governor Cuomo suggested a proposal that would resolve differences over the now-expired 421-a tax break. The incentive died when developers and unions could not reach an agreement on construction worker wages.
The new proposal would set wage rates for government-backed developments in Manhattan, Brooklyn and Queens. It was reported that the new proposal may be the first concrete example of the Cuomo administration moving to forge an agreement between labor and real estate executives that would resurrect the program.