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We are pleased to announce that our partner, Geoffrey Mazel, Esq., was recently quoted in the New York Post. The article in which Mr. Mazel is quoted is regarding the recently introduced New York City Council Bill Intro 1197. This bill contains many important provisions that will alleviate the potentially economically devastating impact of the Climate Mobilization Act (Local Law 97) for the City’s most vulnerable Co-ops. The key provisions of Intro 1197 are as follows:
- Taking into consideration open and green spaces as part of a building’s gross floor area when calculating greenhouse gas emissions limits.
- Offering adjustments to annual greenhouse gas emissions limits if buildings have made prior retrofits to reduce emissions, such as oil-to-gas conversions or the installation of solar panels.
- Implementing a more gradual penalty schedule for buildings with an Average Assessed Value of $65,000 or less.
- Mandating courts to regard the median property value of units in a building as a mitigating factor when deciding on penalties.
- The bill was introduced by Council Members Linda Lee and Sandra Ung and has 18 Council member sponsors to date. The bill is truly bi-partisan in nature and has support from all sides of the political spectrum. Mr. Mazel has been a leading advocate for the Co-op community in bringing fairness in the implementation of Local Law 97 to the most vulnerable Co-ops in New York City.
Feel free to contact us if you have any questions about this or any other Co-op/Condo issues.
LINK TO ARTICLE: https://nypost.com/2023/09/28/nyc-lawmakers-urge-rollback-of-climate-change-law-citing-costs-to-constituents/
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