Solving NY’s Housing Crisis: REBNY, Building & Construction Trades, Laborers Agree to New Compromise

“The city’s real estate industry and a trade union have struck a deal as part of negotiations to revive a controversial property tax break in Albany,”  reported Politico. “The agreement marks early progress in talks coming at the direction of Gov. Kathy Hochul, as state lawmakers debate whether to bring back the expired 421-a tax incentive for multifamily housing developments this year.” Details are still coming on this development, but an agreement would set the stage for organized labor to potentially broker a deal between real estate interests and the Democratic supermajorities in the State Senate and Assembly to increase the region’s historically low housing inventory. LIBOR’s Government Affairs team previously reported on similar moves by another powerful union last month.