Tax Abatements & Prevailing Wage New Regulations for Boards, Shareholders & Unit Owners

A recently approved amendment to the Cooperative and Condominium Real Estate Tax Abatement limits eligibility for condominiums and cooperatives that do not pay their employees and/or third-party building staff a prevailing wage determined by the City Comptroller’s office. Boards that do not currently pay a prevailing wage (similar to Union 32BJ) must comply with the new regulation by July 1, 2022 or forfeit the tax abatements for the 2022-2023 tax cycle.

The amendment also requires boards to certify individual units as permanent residences or secondary homes, which introduces an array of new responsibilities for the board, unit owners, shareholders and the managing agent.

Use the form on this page to watch our experts discuss this new amendment and learn what you should do next.