Under a new law, co-ops and condos with non-unionized staffs must prove that they pay the prevailing wage in order to qualify for the cherished co-op and condo tax abatement. The abatement is available only to people who use their apartments as their primary residence.
An important deadline is looming. By Feb. 15, eligible co-ops and condos must file a notarized affidavit asserting that they are paying their staffs the prevailing wage, which is set each year by the city Comptroller. (Instructions for submitting the affidavit are available here. A list of properties that must file an affidavit is available here.)
Co-ops and condos with an average per-unit assessed value of $60,000 or less are exempt from the prevailing-wage requirement. An affidavit must be filed by properties with 30 or more dwelling units and an average per-unit assessed value of more than $60,000, and by properties with fewer than 30 dwelling units and an average per-unit assessed value of more than $100,000. (Assessed value is part of the equation used to compute a property tax bill; it is less than the market value.)
For co-op and condo boards, the decision on whether to pay prevailing wages or forego the tax abatement will be based on a mix of money and emotion.
“It ebbs and flows with each building,” says Drew Donovan, a property manager at Choice New York. “If the building is mostly owner-occupied, people tend to think less strictly in financial terms, maybe in more personal terms. If the building...
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