New York's Lower East Side.Photo by Shutterstock.
Governor Andrew Cuomo and the New York State Legislature haveannounced the State budget agreement for fiscal year 2021. Does itpass muster for the Real Estate Board of New York? Well, yes andno. In a recent REBNY Watch column, Board president James Whelandetails what pleases and perturbs REBNY about the newly announcedbudget. Chief among his objections is the application ofconstruction "prevailing wage," the pay rate contractors have tooffer their employees when doing business with governmentagencies.
"The new law will require that the 'prevailing wage' be paidprojects that are worth more than $5 million and receive at least30 percent of their financing from public funds," Whelan explained.He called that decision "a mistake," warning that it will impedethe creation of new construction jobs.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
