With deadlines looming for New York’s Local Law 97, residents face fee and rent hikes
By Peter Fabris, Contributing Editor
New York City’s Local Law 97, an ambitious measure mandating greenhouse gas emission cuts from buildings, has condo owners fearing big hits to their wallets.
Some of the most stringent mandates begin in 2030, when most covered buildings must lower emissions by 40%. According to a Bloomberg article, one co-op’s treasurer is fearing the need for a $1,000 increase in each owner’s monthly maintenance fee to cover the cost of electrifying the building’s heat and hot water systems over the next five years.
The law requires nearly 50,000 large buildings to cut emissions starting this year or face fines. It imposes stricter carbon limits every few years through 2050.
Not all buildings will have to fully electrify to reach compliance with the law, but at least 40% of structures over the 2030 emissions threshold will likely have to be electrified. State and local lawmakers representing the city are pushing for tax breaks to help cover projects that address the law, but it is unclear how much they will help owners pay for the necessary upgrades.