The price of prevailing wage: Requiring far higher wages for affordable housing developmen t will inflate public costs or depress the number of units By DAILY NEWS EDITORIAL BOARD


The term “prevailing wage,” which sounds like “minimum wage” or “living wage,” connotes the difference between paying enough to scrape by and enough to afford a middle-class living.
Example : Not so. Prevailing wages and benefits are set via an elaborate, 92-page formal schedule detailing 71 different job classifications (a “sign painter” is different from a “striper painter,” which is distinct from a “painter”).

That sign painter gets $57.20 in wages and benefits per hour. Multiply that by 40 hour work weeks, then by 46 weeks a year (assuming six weeks without work, beyond the built-in vacation), and you get $105,248, before any overtime.

Painters on structural steel get $88.33 in wages and benefits per hour, which amounts to $162,527 per year using the same formula. Paperhangers, plasterers, plumbers and others, something similar.
Read more – https://www.nydailynews.com/opinion/ny-edit-prevailing-wage-20190324-44dy3fipabbf5grl7mgfqdg2fq-story.html

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