REBNY

The Real Estate Board of New York (REBNY) and the Mason Tenders District Council have agreed to a wage floor for construction workers on projects receiving the 421a property tax break. Workers on qualifying projects will initially receive a minimum of $35 per hour for wages and benefits, gradually increasing to $45 by 2033. This wage floor resembles a City Council bill supported by the laborers’ union for projects with public funding. However, the $40 minimum for wages and benefits is a concern for union carpenters compared to prevailing wage rates. The agreement is a step towards replacing the expired 421a program, pending broader negotiations.