NY Post: NYC co-op owners, covering over 800K apartments, rebel against massive climate law costing millions
April 30, 2023 Local law 97 will significantly raise housing maintenance bills so middle class condo and co-op building owners will be forced to either pay millions to upgrade their properties or face large fines for noncompliance—and NYC building owners are starting to rebel. Starting in 2024, the law will force building owners to reduce their greenhouse gas emissions by 40% by 2030 and 80% in 2050. The organization Homeowners for a Stronger New York is calling for property tax breaks to provide building owners with assistance to meet the mandate’s clean energy standards as well as a fair appeals process to challenge the millions in fines. They have launched a large TV and mail campaign towards 18 assembly districts with the owners most likely to face the highest fines that emphasizes affordability alongside sustainability. Queens Borough President Donovan Richards has been in discussion with Mayor Adams about issuing tax reliefs, but nothing has been confirmed. The Real Estate Board of New York conducted a study that found that 20% or more of buildings greater than 25,000 square feet won’t be able to meet the law’s standards, and many of these buildings house essential workers and senior citizens. They also found that $200 million dollars in fines could be placed on the 3,700 that could be out of compliance and in 2030 this could go up to $900 million for 13,500 buildings. If approved, the Braunstein-Parker bill could give owners exemptions or tax breaks based on their emissions for a decade. The Adams administration says they are determined to work with building owners to upgrade their buildings to protect against the climate crisis, which is why they set up the NYC Accelerator website which has already provided guidance and support to 10,000 property-owners.