Deal to cut costs is close for builders and unions

NY Times — March 30, 2009



Construction unions and developers have been in negotiations that could enable a few Manhattan projects to continue construction, which would, in turn, employee more building tradesmen. Developers are seeking wage and benefits cuts from the construction unions, a concession the unions are reluctant to make. Rumors from the negotiation table are that labor costs may be reduced by only 15 to 20 percent, which is less than the 25 percent the developers were seeking.

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