Leni Cummins and Jennifer Miller authored an article discussing the Senate bill S6350A signed into law by Governor Kathy Hochul that will require condos and cooperatives to pay prevailing wages to service employees in order for their owners/shareholders to receive tax abatements in The Cooperator New York. The bill prohibits most individual unit owners or shareholders in condos or co-ops from obtaining or sustaining tax abatements under section 467-a of the real property tax law if their boards have not paid their service employees prevailing wages. Barring payment, the New York City Commissioner of Finance has the power to deny or terminate an abatement if the building service workers have not been paid their prevailing wages.
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