New York City Mayor Michael Bloomberg has vetoed controversial legislation that would have required extensive reporting of wage and other information from affordable housing developers receiving city funding.
Under the rule, the city Department of Housing Preservation and Development and developers would provide detailed information on the subsidies awarded to projects and provide data on the wages of every individual performing project work by the developer or the contractor.
Intro 730 aims to increase transparency at the department and the many affordable housing developments financed each year, but critics say the law would create a huge burden on the industry and opposed the change.
The City Council passed Intro 730 in July, sending the legislation to Bloomberg. The council can still override the mayor’s veto.