The new mandate requiring co-ops and condos to pay prevailing wages to employees in order to receive the property tax abatement has had a significant impact on budgeting. For condos, this means increasing the budget by raising common charges to meet the prevailing wage requirements.
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“Prevailing Wage” returned 2 articles
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The Prevailing Wage Predicament
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Staff Salaries: To Increase or Not
There is a shortage of workers for porter, doorman, and handyman positions despite higher wages due to prevailing wage regulations. Buildings paying prevailing wages find it hard to revert to lower wages and need to consider the long-term commitment. Unionization can be a strategic choice for attracting and retaining employees.
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