BuildingNYC, a coalition of 12 “merit-based” developers and contractors, is partnering with the Associated Builders and Contractors, a national federation of nonunion companies whose members provide training in the trades.
Key program to produce affordable housing is losing out to myopic and selfish pleading by organized labor
The Real Deal: Just kidding: IBO corrects its 421a report, says prevailing wage requirement would actually cost city $4.2B
From The Real Deal:
The Independent Budget Office says it botched a recent report on affordable housing by drastically underestimating the impact of requiring prevailing wages on projects benefiting from the 421a property tax break.
Such a union-friendly requirement would cost the city an additional $4.2 billion in financing to keep up with Mayor Bill […]
IBO rechecks its data and says the added burden is a whopping 23%
Using union labor to build affordable housing under the mayor’s ambitious program will be almost twice as costly as previously estimated.
The bottom line: 23% more, or $4.2 billion, which works out to $80,000 per unit.
In January, the […]