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Now that the Prevailing Wage bill has been signed into law by Gov. Hochul, how are coops and condos with live-in supers planning to deal with this? In many buildings (including ours), a significant part of the super's compensation is a rent-free apartment. But non-cash compensation seems unlikely to satisfy the requirements of the new law, especially when no explicit value has been placed on it. I have not heard any guidance on this so far. Thoughts?
One possibility - assuming it passes legal muster (I'm not a lawyer) - would be to make the rental value explicit by charging the super rent while paying a higher salary to cover that rent, meeting the requirements of the new law. This would of course be burdensome and ludicrous for everyone.
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I don't think there is a one-size-fits-all answer to this question, and it is a very good one. I feel your best option right now is to contact an attorney who specializes in real estate and co-op/condo law. They'll probably tell you that until there is regulatory clarification or case law, no one knows. The reason for seeing an attorney is to get advice on what you should do *now*, so you don't run afoul of what may be coming.
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