Sentences with phrase «estate tax abatement comes»
As a revival of the 421a real - estate tax abatement comes under fire for subsidizing union wages, Gov. Andrew Cuomo on Monday defended the proposal.
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In the months leading up to a state - imposed negotiations deadline in January, the Real Estate Board of New York and union leaders came tantalizingly close to coming up with a deal to renew 421a, the controversial tax abatement program for new developments.
The call came as Cuomo at the same time announced an agreement had been reached between labor groups and real - estate interests to revive the 421a tax abatement in New York.
For the city's decades - old tax abatement program for developers, 421 - a will see a four - year extension if the real estate industry and labor come to an agreement over wages for construction workers involved in those projects.
REBNY's spending comes as state lawmakers could yet determine the fate of a range of measures the real estate in New York has been closely watching, including an effort to revive the 421a tax abatement.
Construction unions and developers were unable to come to an accord on prevailing wage standards to be written into the 421a tax exemption by today's deadline — meaning the abatement will die on the vine, and the future of the New York real estate market will be left uncertain.