Coop and Condo Owners Express Concerns over NYC Climate Law

Property owners with lower or fixed incomes are scrambling to fund renovations to Comply with a New York City climate law ( Local Law 97) requiring buildings to reduce carbon emissions. The law passed in 2019, will apply beginning in January 2024 to almost all buildings 25,000 square feet and larger. Property owners say the city has not provided viable financing options or explained what mitigating factors could ease potential noncompliance penalties for the law that’s set to take effect in six months. Bills have been introduced in the NYC Council to delay or carve out exceptions to the forthcoming rules. The NYC Office of Climate and Environmental Justice is expected to release a set of compliance strategies to mitigate the new law’s impact later in July. Learn more.