Wages in 421a Tax-Break Rental Buildings

July 1, 2008
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Q My company is about to start construction on a 50-unit residential rental building that will be under rent stabilization. We have been informed that to receive the tax benefits of 421a in a new 50-unit building, the building superintendent will have to be paid “prevailing wages.” Can you provide me with more information about prevailing wages and what they would be for a superintendent in a residential apartment building?

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