New York’s Lower East Side. Photo by Shutterstock.

Governor Andrew Cuomo and the New York State Legislature have announced the State budget agreement for fiscal year 2021. Does it pass muster for the Real Estate Board of New York? Well, yes and no. In a recent REBNY Watch column, Board president James Whelan details what pleases and perturbs REBNY about the newly announced budget. Chief among his objections is the application of construction “prevailing wage,” the pay rate contractors have to offer their employees when doing business with government agencies.

“The new law will require that the ‘prevailing wage’ be paid projects that are worth more than $5 million and receive at least 30 percent of their financing from public funds,” Whelan explained. He called that decision “a mistake,” warning that it will impede the creation of new construction jobs.

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