The Daily Dirt: Waiting for 485x reform? Mamdani admin says wait longer
485x is the tax abatement program that developers love to hate. The biggest sticking point for developers is the wage standard for construction: for projects over 99 units, developers need to pay a minimum construction wage to qualify for the abatement. The precise wage depends on where the project is located and how big it is. A push for 485x reform is coming from both sides: Developers and their lobbying groups want the wage standard weakened and Gary LaBarbera, head of the Building and Construction Trades Council of Greater New York, wants it strengthened. LaBarbera has been agitating around what […]
This article originally appeared on The Real Deal. Click here to read the full story.
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