Source: Crain’s NY

Date Published: 02.07.2025

Link: Council targets Local Law 97 energy credits ‘loophole’

City Council members Carmen De La Rosa and Lincoln Restler plan to introduce legislation next week to tighten New York City’s building emissions law, Local Law 97, by capping the use of renewable energy credits. The bill would limit property owners to using credits for only 10% of their excess emissions, pushing them to make costly retrofits instead of buying offsets. Critics, including the Real Estate Board of New York, argue the limits would burden property owners and stall progress. The bill faces a divided Council, with some members backing looser rules for co-ops and condos, while others support stricter enforcement to ensure meaningful emissions cuts.