fromwww.amny.com
3 hours agoAffordable housing developers slam wage requirements of new tax break | amNewYork
New York City has seen a surge in developers proposing buildings with exactly 99 units due to the new tax program known as 485-x, a replacement for a popular policy called 421-a, which requires a $40 hourly construction worker wage for buildings with 100 or more apartments. It's decimating affordable housing where it's probably most needed, said John Valladares, an executive with the Slate Property Group.
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