The New York City Council is considering legislation – Intro. 910 – that would require affordable housing developers that receive city subsidy to pay their workers a minimum combined wage and benefits package of at least $40 per hour with at least $25 being wages.
New York Housing Conference has analyzed the impacts of the legislation on affordable housing production. Setting a minimum wage for construction workers will increase construction costs and require more subsidy from the city for affordable housing projects to maintain current production levels. NYHC estimates that the city will need an additional $750 million in city capital per year or affordable housing production will drop by about 3,000 units.
Read the full brief here.
Read coverage in Crain’s New York here.