Ken Fisher, a member of Cozen O'Connor's Real Estate Department, discusses the approaching deadline to cut a pivotal deal on construction incentives and wages for construction workers. New York City’s real estate industry and building trades unions need to come to wage agreements before the end of the year to satisfy requirements set by the state legislature for extending the 421-a tax abatement program, which offers breaks to developers who build enough affordable housing in new buildings. “The stakes for both the development community and the unions are pretty high, to the extent that some have described this as mutually assured destruction doctrine similar to when the U.S. and Russia had a standoff where each party could inflict damage on the other but both of them would wind up getting hurt,” said Ken.

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