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November 2021 - Hoffman Management
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Managing Manhattan Properties Since 1990

November 2021

Pay the Prevailing Wage or Forfeit the Tax Abatement?

Gov. Kathy Hochul has signed a bill that will require co-op and condo boards to pay prevailing wages to their building staffers in order to receive the coveted property tax abatement. The law doesn’t go into effect on April 1, 2022, the beginning of the state’s fiscal year, but it has already produced surprises. The initial reaction to the bill was