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New Legislation around Local Law 97 to Adjust Emission Calculation and Penalties Introduced by Council Members Linda Lee and Sandra Ung to aid New York’s Co-op and Condo Owners
New York, NY – In a significant move toward a more equitable approach to the city's environmental sustainability efforts, Council Members Linda Lee and Sandra Ung introduced a pivotal piece of legislation that seeks to recalibrate the parameters of Local Law 97.
Key provisions of the bill include:
- 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 proposed amendments aim to provide relief to condominium and cooperative unit owners who currently face significant financial burdens due to the existing regulations of Local Law 97. Local Law 97, part of New York City's Climate Mobilization Act, mandates large buildings in the city to significantly reduce their greenhouse gas emissions by setting strict caps on these emissions, with the aim to achieve a 40% reduction by 2030 and an 80% reduction by 2050 from 2005 levels. Owners of buildings that fail to meet these caps are subject to hefty fines.
As the initial caps of Local Law 97 approach, there is growing concern among property owners, especially as estimates suggest that a significant portion of buildings, nearly 11% as of recent data, are not on track to meet the upcoming 2024 emission targets. These compliance challenges are further exacerbated by financial hurdles, with retrofits potentially costing up to $15 billion citywide. Additionally, while the city and state are discussing funding and financing options, many of these solutions are still in development or pending approval, leaving property owners in a state of uncertainty.
“Local Law 97's current structure unintentionally jeopardizes the housing stability of many working and middle-class condo and co-op owners," said Council Member Linda Lee. "Our forthcoming bill will provide the necessary adjustments, acknowledging the past efforts of many co-ops and condos to reduce emissions and their use of open spaces to mitigate environmental impacts."
"This bill signifies the start of a more inclusive process that recognizes the personal stakes many homeowners have in this legislation,” emphasized Council Member Sandra Ung. “The sustainability of our city and the financial security of our residents are not mutually exclusive."
Geoffrey Mazel, counsel for the Presidents Co-op and Condo Council added, “We are not looking to dismiss Local Law 97 but to refine it. Many homeowners are under pressure to meet the city's sustainability mandates. This new legislation seeks a middle ground that upholds both environmental goals and homeowners' economic well-being."
PCCC co-President Bob Friedrich states that “the bill provides a lifeline to the most vulnerable working-class Co-ops and Condos from the potentially devastating economic impact from the Local Law penalties “. Warren Schreiber, PCCC added, “we are grateful to Council Members Linda Lee and Sandra Ung for introducing this common-sense legislation and listening to their Co-op homeowner constituents “.
About Presidents Co-op and Condo Council (PCCC)
Founded in 2007, the PCCC stands as New York's staunch advocate for the co-op and condo community, representing over 100,000 residents. Engaging regularly with elected officials, PCCC is a vocal supporter for the affordability and improved quality of life for New York’s co-op and condo residents.
Press Contact:
Geoffrey Mazel, Esq., PCCC Counsel and Executive Member
E-mail: [email protected]
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