Introduction
Yesterday, with the full support of Governor Andrew Cuomo, the
Building and Construction Trades Council of Greater New York
("BCTC") and the Real Estate Board of New York
("REBNY") released news that they have reached an
agreement to extend the 421-a tax exemption program. The agreement
is contingent on the State passing a new bill, but Governor Cuomo
is urging legislators to call an extraordinary session to pass the
legislation as quickly as possible.
This Stroock Special Bulletin provides an
overview of the agreement and what to expect next.
Summary of the Agreement
According to the joint press release issued yesterday by BCTC
and REBNY, the agreement crafts a solution on the open wage issue
for construction workers by establishing wage and benefit standards
for certain 421-a projects. Such standards would apply "to
buildings with 300 rental units or more in Manhattan south of 96th
Street and in Brooklyn and Queens Community Boards 1 and 2
