Real estate, union leaders agree to a deal to revive 421-a property tax exemption

A deal has been struck to revive the 421-a property tax break that expired in January. According to details of the agreement, developers using the tax break would pay construction workers working south of 96th Street, on buildings with 300 or more rental units, an average hourly wage of $60 including benefits. Other parts of the city would pay $45 per hour and the exemption would last for 35 years. Rental units created for tenants paying less than the market rate would have to remain affordable to them for 40 years. This agreement would need to be passed by both houses and signed by the governor. Click here for more details.