Prevailing wage law will exacerbate NY's affordable housing crisis
Even as New Yorkers struggle with a skyrocketing cost of living and an affordable housing crisis, the New York State Legislature is considering a bill that would make it even more expensive to build the affordable housing that New Yorkers desperately need.
The bill (S6378/A2747) would expand prevailing wage requirements to even more private construction projects that receive public funding. Under the bill, if 20 percent of the cost of the project — down from 30% — is publicly funded, the law would impose prevailing wage requirements. While this is being framed as a win for workers, for low-income families and developers trying to build our way out of the housing crisis, it’s a devastating blow.
To be clear: this is not a debate over whether workers should receive a fair wage for their work. It's about ensuring that policies don’t limit our ability to build affordable housing.
According to a survey from earlier in the year, housing costs remain the biggest financial burden........
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