C
ity Council member Carmen De La Rosa has proposed a bill to raise construction workers' wages on city-subsidized housing projects, but her plan would likely increase costs and make housing less affordable. The Department of Housing Preservation and Development (HPD) estimates that implementing the Construction Justice Act would lead to a 1,000-2,500 unit reduction in affordable housing production annually.

    De La Rosa asked why HPD couldn't "be bold" and raise wages without cutting production or affordability, but the agency's deputy commissioner explained that it can't spend the same dollar twice - once for workers and once for occupants. This arithmetic issue is a recurring problem in the City Council, which often struggles to balance competing needs.

    The bill would also require that at least 30% of project hours be worked by residents from low-income zip codes, adding logistical challenges and costs. Despite these concerns, De La Rosa remains committed to her proposal, citing the need for "bold" action.

    Meanwhile, the real estate industry is grappling with declining employment in the film and television sector, which has significant implications for sound stages and related developments. The City reported a 28% drop in industry employment from May to September.

    In other news, Douglass Elliman stock has surpassed $2 per share, up 42% since the company ousted its longtime CEO Howard Lorber last week. Lorber himself has benefited from the increase, with his shares rising by $88,000 or 77%.