NYC Living Wage Order Looms Over Restaurant, Retail DealsOctober 1, 2014 – In The News
Carolyn Richmond was quoted in the Law360 article, “NYC Living Wage Order Looms Over Restaurant, Retail Deals.” Full text can be found in the October 1, 2014, issue, but a synopsis is below.
A mayoral executive order raising the minimum wage for certain subsidized building projects in New York City was signed Tuesday.
According to the bill, new minimum wage requirements for real estate projects that receive $1 million or more in city subsidies will be passed along to tenants and sub-tenants in the buildings. Restaurants, bars and retailers that take up space in major developments will be most affected, raising labor cost and liability issues.
According to Carolyn Richmond,“it will seriously affect development going forward. Restaurants, bars and hotels planning to go into any project contemplating subsidies; it's going to give them pause.”