Image credit: New York City Council.
On February 2, 2023, NYC Council Member Vickie Paladino introduced Bill No. 913, which would delay the Greenhouse Gas Emission Reduction Requirements outlined in Local Law 97 of 2019 by seven years.
Local Law 97 was passed in order to reduce greenhouse gas emissions citywide by requiring owners of covered buildings to file with the Department of Environmental Protection a report that states whether or not the building has been in compliance with the applicable building emissions limit. Local Law 97 charges the New York City Housing Authority, and covered buildings owners to achieve a minimum of a 40% reduction by fiscal year 2025. If they don’t achieve the reduction the owners would be liable for the difference between the building’s emissions limit and the reported buildings emissions for that year multiplied by $268. If an owner completely fails to submit an annual report to the Department of Environmental Protection, they are liable for a penalty of the gross floor area of the covered building multiplied by $0.50, for each month that the violation is not corrected.
As of 2022 the average price for a co-op was $185,000 and the average price for a condominium was $1.8 Million. Council Member Paladino believes co-op and condominium owners subjected to Local Law 97 are members of the middle and working class and the fines are too steep. On February 2, 2023, Council Member Paladino suggested that Local Law 97 as it is presently, will have drastic negative impacts on housing costs in New York City. Council Member Paladino believes that the delay of seven years would give co-op boards and property owners breathing room to adequately prepare themselves for the yearly report and to upgrade their buildings to comply with the offset standards.
Into. 913 was referred to NYC Council Committee on Environmental Protection for further review. A hearing date has not yet been scheduled.
By: Brittany Chadi (Brittany is a New York Law School student, Class of 2023.)