Developers have spoken: building rental housing in New York just doesn’t pencil out without tax abatement. Now, the city comptroller’s office is proposing the rules to implement New York’s most recent tax abatement program, 485x.  The program has gained attention for its requirement that projects of 100 or more units pay a minimum construction wage of $40 per hour. That minimum wage rises higher for even bigger projects. In response, developers have pulled back on large-scale projects. The comptroller’s proposal departs from the statute in a few ways. And industry groups are already voicing concerns. One sticking point for both […]

This article originally appeared on The Real Deal. Click here to read the full story.