Overriding Affordability

The City Council overrode Mayor Bloomberg’s veto of wage reporting legislation as expected this week. The union-backed bill will require anyone developing housing with city assistance to track and report wages of every employee for publication. Affordable housing developers predicted a $40 million annual cost and that less housing would result.

At the other end of the market, the Wall Street Journal reported co-op and condo sales in the third quarter  hit a post boom record and that prices are only 10% below the peak due to low interest rates, limited supply, and high rents.

The owners of 530 Park Avenue won Appellate Division approval yesterday for $343,827 in legal fees and $246,468 in lost rent in their non-primary residence case against Bianca Jagger — which they started in 2005.

Brokers are warning investors that capital gains rates will increase 25 percent after December 31st due to the Affordable Health Care Act, and that the other side of the fiscal cliff could see rates rise 60 percent or more. OK, brokers would love to see everyone sell by the end of the year, but they are not wrong about the rates. And keep in mind that December 31st will be the Monday of a four day weekend for most people. 

While it is always wise to be updated on the country’s economy and the various phases of highs and lows, one must also be aware of the ongoing wage rates and avoid being cheated. https://www.laborlawcc.com/new-york-labor-law-posters-state-and-federal-combo.html is a great website to fill oneself in with such details. 

What do women want? Find out in the NAHB webinar Wednesday October 10th at 2 p.m. Studies apparently show that women influence 91 percent of home buying decisions and the webinar will offer insights into what appeals to the female buyer and what turns her off. Register here.

Invitations for the ABO Annual Dinner November 8th are in the mail. Please respond soon and bring your friends.

Due to vacation schedules, the next ABO News Update will be emailed on Monday, October 8th instead of next Friday.

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