New York City is experiencing such a shortage of affordable housing that lotteries for affordable housing receive thousands of applications for a fraction of available units. According to modularhomecoach, state legislators in Albany are debating whether to renew the 421-a tax abatement, a program that promotes low cost residential development.
If it is linked to a prevailing wage bill—which essentially means parity with the current union wage, now at $45/hr—it would result in a huge wage jump at modular housing projects, and leave significant gaps in the availability of affordable housing. A modular factory could not survive paying those rates. As MHPronews understands, it would force modular builders out of the five boros. ##
(Photo credit: Forest City Ratner–modular construction in New York City)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.