{"id":286,"date":"2021-11-24T17:57:00","date_gmt":"2021-11-24T17:57:00","guid":{"rendered":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/?p=286"},"modified":"2022-05-02T17:58:06","modified_gmt":"2022-05-02T17:58:06","slug":"pay-the-prevailing-wage-or-forfeit-the-tax-abatement","status":"publish","type":"post","link":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/","title":{"rendered":"Pay the Prevailing Wage or Forfeit the Tax Abatement?"},"content":{"rendered":"\n<p><strong>Gov. Kathy Hochul<\/strong>\u00a0has signed a bill that will require\u00a0<strong>co-op and condo boards<\/strong>\u00a0to pay\u00a0<strong>prevailing wages<\/strong>\u00a0to their building staffers in order to receive the coveted\u00a0<strong>property tax abatement<\/strong>. The law doesn\u2019t go into effect on April 1, 2022, the beginning of the state\u2019s fiscal year, but it has already produced surprises.<\/p>\n\n\n\n<p>The initial reaction to the bill was that most buildings with non-unionized staffs would raise their pay to prevailing-wage levels in order to keep the tax abatement, which ranges from\u00a0<strong>17.5%<\/strong>\u00a0to\u00a0<strong>28%<\/strong>, depending on the average assessed value of units in the building. But when\u00a0<strong>Steven Hoffman<\/strong>, co-president of\u00a0<strong>Hoffman Management<\/strong>, crunched the numbers at a 60-unit co-op he manages on the Upper East Side, he came to the opposite conclusion.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size\" style=\"font-size:16px\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background\" href=\"https:\/\/www.habitatmag.com\/Publication-Content\/Bricks-Bucks\/2021\/November-2021\/Pay-the-Prevailing-Wage-or-Forfeit-the-Tax-Abatement\" target=\"_blank\" rel=\"noreferrer noopener\">Read Full Article on Habitat<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gov. Kathy Hochul\u00a0has signed a bill that will require\u00a0co-op and condo boards\u00a0to pay\u00a0prevailing wages\u00a0to their building staffers in order to receive the coveted\u00a0property tax abatement. The law doesn\u2019t go into effect on April 1, 2022, the beginning of the state\u2019s fiscal year, but it has already produced surprises. The initial reaction to the bill was<\/p>\n<div class=\"more-bnt\"><a class=\"moretag read-more\" href=\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/\"> Read More <\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-286","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pay the Prevailing Wage or Forfeit the Tax Abatement? - Hoffman Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pay the Prevailing Wage or Forfeit the Tax Abatement? - Hoffman Management\" \/>\n<meta property=\"og:description\" content=\"Gov. Kathy Hochul\u00a0has signed a bill that will require\u00a0co-op and condo boards\u00a0to pay\u00a0prevailing wages\u00a0to their building staffers in order to receive the coveted\u00a0property tax abatement. The law doesn\u2019t go into effect on April 1, 2022, the beginning of the state\u2019s fiscal year, but it has already produced surprises. The initial reaction to the bill was Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/\" \/>\n<meta property=\"og:site_name\" content=\"Hoffman Management\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-24T17:57:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-02T17:58:06+00:00\" \/>\n<meta name=\"author\" content=\"chreindev\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"chreindev\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/\",\"url\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/\",\"name\":\"Pay the Prevailing Wage or Forfeit the Tax Abatement? - Hoffman Management\",\"isPartOf\":{\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#website\"},\"datePublished\":\"2021-11-24T17:57:00+00:00\",\"dateModified\":\"2022-05-02T17:58:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#\/schema\/person\/03c4f5fadcf7bc4206bd966ce8c33091\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pay the Prevailing Wage or Forfeit the Tax Abatement?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#website\",\"url\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/\",\"name\":\"Hoffman Management\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#\/schema\/person\/03c4f5fadcf7bc4206bd966ce8c33091\",\"name\":\"chreindev\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fb812fa5ea1bf2fcbba90d0702f019b9258f75fec25902c0fe3ba04da4cf277c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fb812fa5ea1bf2fcbba90d0702f019b9258f75fec25902c0fe3ba04da4cf277c?s=96&d=mm&r=g\",\"caption\":\"chreindev\"},\"url\":\"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/author\/chreindev\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pay the Prevailing Wage or Forfeit the Tax Abatement? - Hoffman Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/","og_locale":"en_US","og_type":"article","og_title":"Pay the Prevailing Wage or Forfeit the Tax Abatement? - Hoffman Management","og_description":"Gov. Kathy Hochul\u00a0has signed a bill that will require\u00a0co-op and condo boards\u00a0to pay\u00a0prevailing wages\u00a0to their building staffers in order to receive the coveted\u00a0property tax abatement. The law doesn\u2019t go into effect on April 1, 2022, the beginning of the state\u2019s fiscal year, but it has already produced surprises. The initial reaction to the bill was Read More","og_url":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/","og_site_name":"Hoffman Management","article_published_time":"2021-11-24T17:57:00+00:00","article_modified_time":"2022-05-02T17:58:06+00:00","author":"chreindev","twitter_card":"summary_large_image","twitter_misc":{"Written by":"chreindev","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/","url":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/","name":"Pay the Prevailing Wage or Forfeit the Tax Abatement? - Hoffman Management","isPartOf":{"@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#website"},"datePublished":"2021-11-24T17:57:00+00:00","dateModified":"2022-05-02T17:58:06+00:00","author":{"@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#\/schema\/person\/03c4f5fadcf7bc4206bd966ce8c33091"},"breadcrumb":{"@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/pay-the-prevailing-wage-or-forfeit-the-tax-abatement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/"},{"@type":"ListItem","position":2,"name":"Pay the Prevailing Wage or Forfeit the Tax Abatement?"}]},{"@type":"WebSite","@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#website","url":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/","name":"Hoffman Management","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#\/schema\/person\/03c4f5fadcf7bc4206bd966ce8c33091","name":"chreindev","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fb812fa5ea1bf2fcbba90d0702f019b9258f75fec25902c0fe3ba04da4cf277c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fb812fa5ea1bf2fcbba90d0702f019b9258f75fec25902c0fe3ba04da4cf277c?s=96&d=mm&r=g","caption":"chreindev"},"url":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/author\/chreindev\/"}]}},"_links":{"self":[{"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/posts\/286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/comments?post=286"}],"version-history":[{"count":2,"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/posts\/286\/revisions"}],"predecessor-version":[{"id":288,"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/posts\/286\/revisions\/288"}],"wp:attachment":[{"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/media?parent=286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/categories?post=286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bluwebmedia.co.in\/demos\/hoffmgt\/wp-json\/wp\/v2\/tags?post=286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}