Ken Fisher, a member of Cozen O’Connor’s Real Estate practice group, discusses the struggle to agree on a prevailing wage requirement for residential construction projects in New York City. Building trades and developers were unable to agree on a deal to extend the 421-a incentive program by the January 15, 2016, deadline. In the article, Ken explains that, “the tax burden will impact the market unevenly. Very high end condos will still be built, and 100% affordable buildings, but everything else will be very, very tough.” Ken also speculates that it could take until next year for the legislature to enact a stop gap measure due to re-election concerns.
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